Page 310 - Deception at work all chapters EBook

Other Applications 363

Do not waver from this course, under any circumstances, because if you do you may be
liable for your own losses, plus those of other victims. This is a bad scene and also, whatever
you do, don’t join the board of his companies, however flattering that might be, until you are
absolutely sure of his honesty.

METHOD WHEN IT GOES BELLY UP
The dreadful realization

Let’s hope your fears were misplaced and the breathtaking deal comes to fruition, proving that
the person you thought was a liar is a pillar of virtue. However, the chances are that sooner or
later you are going to take the hit and this is where you must react quickly. There are two things
you must remember. The first is that the conman is likely to have scores, if not hundreds, of
victims in just the same position as you. If you sit back and wait you will fall to the end of queue
and will never succeed: the victim that causes the biggest fuss is most likely to prevail.

You must become the conman’s biggest problem

The second point is that the conman is likely to have pending deals in progress with other
victims and he will not want these upset. This is his Achilles heel. However, as in all cases of
deception, you must plan to ambush him with a knockout blow from which he never recovers.
This is akin to the first step in fraud investigations.

Objectives and action plans

A victim’s initial reaction when the bubble bursts is to panic and rush around like a headless
chicken, blaming everyone in sight, especially the innocent. This is a natural reaction, but
you must get over it quickly and plan an effective and unemotional reaction.

Nothing useful is achieved by self-flagellation

You must also set realistic expectation levels and if you have been stung, the chances of
getting all of your money back are remote. Ideally, put someone in charge of the recovery plan
who was not party to the transaction concerned and who has no vested interest in covering
his ass. He is in a good position to assess the position and whether it is worthwhile devoting
time and effort to chasing a lost cause.

Depending on the facts of the case, your priorities might be:

• To prevent further losses and cancel transactions that are still in progress.
• Minimizing your liabilities to others. For example, in some recent banking cases, victims

had to pay other victim banks for fraudulent letters of credit that fell due for payment long
after the dishonesty was exposed.
• Minimizing your liabilities for legal and regulatory breaches.
• Recovering the amounts that have already been lost.
• Exposing and prosecuting the conman.
• Minimizing adverse publicity.