Ebook Stolen Without A Gun: Confessions from inside history's biggest accounting fraud - the collapse of MCI Worldcom, by Walter Pavlo Jr., Neil
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Stolen Without A Gun: Confessions from inside history's biggest accounting fraud - the collapse of MCI Worldcom, by Walter Pavlo Jr., Neil

Ebook Stolen Without A Gun: Confessions from inside history's biggest accounting fraud - the collapse of MCI Worldcom, by Walter Pavlo Jr., Neil
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Walter Pavlo, Jr. was a young MBA rising quickly through the finance ranks at the nation’s second largest telecom company. With a beautiful wife, two kids and a promising career, he epitomized the American dream. Pavlo’s life took a dark turn when he became a willing participant in the company’s efforts to hide from investors and potential acquirers a mountain of bad debt run up by mobsters and other unsavory customers. Encouraged by higher-ups, Pavlo became accomplished at accounting gimmickry. Then the jaded young executive consorted with a colorful scam artist and others to use some of the same ploys he’d devised for his employer to enrich himself at its expense. A ruse born of disillusionment and greed turned into a nightmare for Pavlo after he was caught and forced to choose--rat on his buddies or spend decades rotting in prison. His crimes ultimately cost Pavlo his freedom, family, reputation and self-respect. Only later did he recognize that his original sins were part and parcel of the corruption that led to an historic collapse for his company, his industry and of public confidence in corporate America. With humor and raw honesty, Pavlo and award-winning Forbes senior editor Neil Weinberg use this compelling personal story to portray in intimate detail the pressures millions of white-collar workers face every day.
- Sales Rank: #434411 in Books
- Brand: Pavlo, Walter, Jr./ Weinberg, Neil
- Published on: 2007-09-01
- Original language: English
- Number of items: 1
- Dimensions: 9.25" h x 1.00" w x 6.25" l, 1.20 pounds
- Binding: Hardcover
- 285 pages
Review
Stolen Without a Gun reads like an Anarchist's Cookbook of Corporate Crime and illustrates well how an international money laundering scheme works (including how to nest embezzled funds in a series of quasi-legal Cayman Island bank accounts) while telling the personal tale of Walter Pavlo, Jr.... The narrative gives an inside perspective of how a business person could get wrangled into a high stakes game of money laundering. --CORPWATCH.com (November 1, 2007)
The book is a terrific read....There is no better training experience than to hear fraudsters describe, in their own words, how and why they committed fraud. Stolen Without a Gun takes a page from that book. --Journal of Accountancy (December 2007 - Recommended Reading of J of A)
About the Author
Walter Pavlo, Jr. oversaw a $2 billion operation at MCI Communications before being caught embezzling $6 million. Since his 2003 prison release, Pavlo has made his living giving cautionary speeches on his crimes and the environment that bred them. His audiences have included the FBI, universities, professional societies and corporations. He has been featured in Forbes, the New York Times, the Wall Street Journal, USA Today and on ABC's Nightline. Pavlo holds engineering and MBA degrees. Neil Weinberg is a Senior Editor at Forbes in New York. A fifteen-year veteran of the magazine, he has covered Wall Street, telecom and Asia. Weinberg originally profiled Pavlo's crimes in Forbes after receiving a letter from him in prison. In 2006 he received the Overseas Press Club's annual award for the best business story in a magazine. Weinberg holds a bachelor's degree in English Literature and an MBA.
Most helpful customer reviews
4 of 4 people found the following review helpful.
Remarkable true story, well worth reading!
By Tracam
I loved this book by Walter Pavlo & Neil Weinberg and it just proves the adage, "truth is stranger than fiction."
It is an amazing story of greed and corruption that finishes with Pavlo losing his family and going to jail for 24 months. If this book was fiction you'd think the authors had a vivid imagination. That it is fact is just staggering.
Unfortunately, the text contained many errors, some of which are set out hereunder:
"prison tales that often fell fat (sic) under the circumstances."
"with a slight fourish (sic)."
"Your job's to hire, lead and, when necessary fre (sic)."
"MCI few (sic) in chief information officers ..........."
"fagging (sic) companies."
"didn't come up with a fx (sic) - fast." All through the book fix is shown as fx???????
"many customers ft (sic) Mann's profile."
"had left a furry (flurry) of phone messages."
"a face like a fst (sic)."
This book should have been a five star lay-down misere, but I had to deduct a star because of the errors.
0 of 0 people found the following review helpful.
SWAG is like watching "Psycho" directed by Brett Ratner
By J. Park
Not the most well-written, SWAG is like watching "Psycho" directed by Brett Ratner. The story's still compelling, but ,,, it's Ratner, not Hitch.
That said, read this. The story's so crazy it is paranoia personified. Ultimately, it shows just what a bureaucratic nightmare a huge bureaucracy like MCI was, as Pavlo and company lift money at will. It points out how, for instance, at Enron, the real story of Enron wasn't even Enron's criminality, but that Andersen was in on the fix! The storied Andersen, poof, gone. But my point is, accounting is akin to the referees in sports, like basketball. And, as we saw with the relatively little publicized case of NBA ref Tim Donaghy, the easiest way to fix a game is not through the players, but the refs. The score is most important, as those who know, because of Vegas, where billions are gambled.
It was Andersen writing off on Enron's criminality (and shredding evidence in the 11th hour) that was the lynchpin in the Enron crime spree, and it was Pavlo's ability to socially engineer accounting at MCI.
Accounting is a major topic in today's world. As more and more companies move money out of the US, the refs do indeed seem to be in on the fix.
With that, what's also compelling about SWAG is Pavlo's "Goodfellas" ramped up paranoia. It takes on a thrust that helps propel the story to its denouement. It's a wild ride, and very entertaining while illuminating.
1 of 1 people found the following review helpful.
A personal story of ambition, success, fraud, and prison
By Mark J. Nigrini
The book took three nights to read, and I enjoyed every minute of it. The storyline is given in the editorial reviews and in the "most helpful" set of reader reviews, and so I won't retell it here. The features that I liked most about the book are: (a) It is very well written with a series of 26 short ten-page chapters, with each chapter telling one interesting episode of the story, (b) except for the first chapter which tells you how things end, the book is written in a chronological order, (c) the book goes to about the half-way mark before the fraud starts which gives the reader a very good sense of how the pieces of the puzzle fell into place before the shady dealings began, (d) the book uses the names of real people, real restaurants, real customers, real cars, and so on, and I liked that, (e) the fraud scheme is described in just enough detail so that the reader understands that the group siphoned off customer payments for their own usage, but not in too much detail so as to lose readers unfamiliar with accounting terms.
I found it interesting that this whole scheme revolved around the appropriation of accounts receivable amounts. Usually, fraud is accomplished with accounts payable and payments amounts. Also, I was surprised that MCI pushed so hard to get restitution and convictions even though they had all those skeletons in their closet. The most telling sentence for me in the book was when Morris, the attorney, asked Pavlo why he did it with so much going for him, which was followed by Pavlo's reply. The epilogue and the "Where are they now" appendix makes for some somber reading. This is one book that I'd enjoy taking on holiday again someday and reading again. Walt Pavlo writes a blog for Forbes. He can also be followed on Twitter. He also has his own personal website. The blog, the Twitter address, and the website can be found with an internet search for Walt Pavlo. My sincere thanks to the author for sharing this very personal episode in his life, and the very personal consequences of those actions.
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