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Posts with tag shoplifting

Can't afford stuff? Try stealing!

Filed under: Ripoffs and Scams, Recession

That headline seems to sum up the logic of many cash-strapped consumers struggling with high gas prices. Experts say that shoplifting is up in light of the current economic slowdown, and more employees are stealing on the job too.

According
to the USA Today, "All told, retail theft is estimated to cost about $40.5 billion a year. And the rest of us, already squeezed by higher gas and food prices, end up paying for it: Stores pass on much of their losses to customers in the form of higher prices."

I certainly won't patronize readers with a moralistic sermon on the evils of shoplifting, but I will say that I'm skeptical that most of the rise in shoplifting is a result of desperate Oliver Twist-types looking to put food on the table. The man described at the beginning of the USA Today piece -- who was caught stealing cans of baby formula -- also grabbed a few bags of shrimp which, let me know if I'm wrong, are a pretty expensive source of calories. If he was caught stealing white rice and Tina's Burritos, I might be more sympathetic.

If you really need food and are tempted to shoplift at the grocery store, try showing up before the bakery closes and asking if they can give you some day-old bagels. I know someone who did this for years and saved a lot of money, and retained more dignity than he could have stealing.

Huge shoplifting ring uncovered

Filed under: Ripoffs and Scams

A multi-million dollar shoplifting ring has been uncovered in Florida, and so far 18 people have been implicated in the theft of $100 million of health and beauty items. The arrest of two shoplifters at a Publix supermarket in June 2007 got the ball rolling. They stole $4,500 of Oil of Olay products that day and were charged with grand theft. They and their cohorts used special bags that helped conceal the stolen goods, and police say they were very good at what they did. The shoplifters were paid up to $3,000 cash for each delivery of stolen goods to the leaders.

The shoplifting ring has been operating for at least 5 years and there are victims in at least 11 counties. The police say everyone reported to two middlemen and two ringleaders who sold the stolen beauty products out of warehouses and flea markets. They also made sales through eBay and through a website they set up to sell the stolen goods.

How do you know that the goods you're buying on eBay and other websites aren't stolen? Quite simply, you don't. I'm sure none of the buyers from these people had any idea that they were selling stolen goods. That's the risk we take when we buy on the internet.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.