Former 'banker of the year' spent $217K at strip clubs on company credit cards

Posted this a minute after you. Lol

There is nothing wrong with using the company credit card for a little entertainment.

"... Most of the charges against Pierin Vincenz, 65, are related to allegations of fraudulent deals made between 2006 and 2017 ..."

If the SC expenditures were over this time period then its not that crazy - some of the heavy-hitters on TUSCL may be in this neighborhood of expenditure or close.

Still it seems he milked the company-card for his personal PLing.

If I'm an owner of that Bank, I might be angry at the expenditures. But I'm not sure what any of it has to do with any investigation. There is nothing illegal with spending corporate money on entertainment. It probably is or should be against some company policy. But it's not illegal. Before I started my own businesses, I worked for large corporations and had company credit cards. I could spend some of it on entertainment But the entertainment had to be for a customer or vendor. I never could spend the money on myself. But doing so wasn't illegal. It would get me fired, but it wasn't illegal.

200k over 10 years isn't that bad. There was a US guy a couple years back that spent over 200k in one year. And this guy seems to be higher level than the american dude, that dude was just like a regional manager/VP type and this guy seems to be C-Suite. Seems reasonable to spend that kinda coin on that stuff, especially back in 2005-2015ish. I know I've been to SC's and similar places while being wined and dined for work. The nature of my work means it's usually vendors taking me out, not banks, but its the same idea.

If this guy was making significant amounts of money for his bank, then those expenses could easily have been overlooked by superiors.

However, once the details started coming out, his bank had to cry foul. The bad PR of supporting a bankers spending on whores is not good.

How a solo trip to a strip club is considered a method of growing a banking business, is a bit murky.

When one of my former employers (a large bank) was attempting to expand business in China, I was asked if there were specific accounts to be used for “favors” - which is part of the normal cost of doing business there. That was an uncomfortable discussion.

I dunno who the hell actually puts "strip club" on their expense report.

"Mileage it off" is a constant joke where I work for expenses that can't be reported, but that's not gonna cover much at a club without being way sketchy, it usually in reference to loosing a Starbuck's receipt or a taxi for me.

If he's claiming this is something else, which is how I assume this usually happens, it's fraud.