At age 64 one would assume you’d be preparing for a wonderful retirement. Not, Steven Jay Scher. He’s preparing for a 33 month stint in federal prison and when he’s out he must pay more than $1million in restitution! Talking about ending life with a huge obligation! WOW!
Scher was found guilty of conspiracy to commit wire fraud and wire fraud on June 14, 2007, following the completion of a jury trial. From March 2001 through June 2001, Scher conspired with an employee of Continental Airlines to defraud Continental by causing unauthorized waiver codes to be entered in Continental’s computer reservation system, thus allowing Scher to issue Continental airline tickets at reduced fares. As a result of this fraudulent scheme, Continental lost over $1,211,911. Scher paid his co-conspirator at Continental more than $100,000 from monies Scher received from selling these fraudulently obtained discounted tickets.
The scheme was discovered by Continental Airlines as a result of a review of its waiver issued tickets. Scher’s Continental insider coconspirator, Jose Nieto, 33, of Houston, pleaded guilty to his role in the scheme to defraud Continental Airlines.
Every choice has a consequence. As a white collar crime and business ethics speaker, I speak from first hand experience about the truth about consequences. Reality is – no one escapes the consequences of their choices. While Scher may have enjoyed the money for a time and avoided the consequences – he did not avoid the consequences all together. Prison is no fun and Scher is facing several years plus substantial restitution for his conviction. Likely he will serve time and that will prove to be a dramatic change from his prior activities. You do reap what you sow.
If anyone reading has any background on Scher – feel free to comment as I study the behaviors and backgrounds of those convicted of white collar crime.
White Collar Crime Speaker – Chuck Gallagher – signing off…