Chapter 13 - Spencer Had Stolen Less Than We Feared—and Betrayed More Than I Understood
The forensic review eventually separated:
bad governance,
conflicts,
overbilling,
and:
actual misappropriation.
Of the $6.4 million routed through Spencer-connected entities:
approximately $3.1 million corresponded to real services or legitimate subcontractor costs.
About $1.2 million involved excessive undisclosed markups and related-party fees that should have been:
approved differently.
Roughly $1.4 million appeared to have been diverted into Hale Crest accounts without adequate business purpose.
The remainder involved:
timing,
tax,
and reconciliation issues.
No neat:
he stole $6.4 million.
Reality.
Still serious.
Spencer had also altered internal reports to make:
related-party payments
look like:
ordinary vendor expenses.
He had used credentials I permitted him to access on several occasions.
Did that mean I authorized:
the scheme?
No.
Did my access practices violate company policy?
Yes.
I faced:
consequences too.
The board placed me on:
administrative leave.
I wanted Dad to stop them.
He did not.
Good.
Independent directors reviewed:
my approvals,
conflicts,
security failures.
I retained:
my own attorney.
Eventually the company concluded I had exercised:
poor judgment,
violated access controls,
failed to disclose the full extent of Spencer’s operational involvement.
They did not find evidence I knowingly participated in:
fraud.
I lost my corporate-development role.
Not my shares.
Not my family.
My job.
That hurt.
And it was fair.
I had spent years wanting to be treated like any other executive.
That finally included:
May you like
discipline.
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