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Financial Statement Fraud Casebook: Baking the Ledgers and Cooking the Books by Joseph T. Wells

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Chapter 32

A President Illuminated

Theodore G.Phelps and Cindy Park

Sue Chadwick was a presence. When she walked into the room, you couldn't help but notice. She was tall and attractive, with thick white hair that was neatly coiffed and suited her oval face and piercing eyes. Her age did not show through her sharp personality and the confident manner in which she spoke and moved. This woman was clearly in charge.

Sue had worked hard to get where she was and she did it on her own. After graduating high school, Sue opted to head straight to work instead of attending college. She started in the secretarial pool at Phoenix Construction, one of the state's largest construction companies, and rose to the position of executive assistant to the president. She keenly observed every facet of the business and absorbed every tidbit of knowledge.

To say Sue was savvy and conniving would be an understatement. Sue wasn't like most women her age. Being in the workforce meant everything to her — she was not content to stay at home, join a bridge club or work on her tennis serve. Sue was more than ready to leave Phoenix Construction and take over the reins of Sue's Lights, the company her husband, Gene, had quietly run for the past ten years. In fact, Sue was likely the driving force behind Gene's semiretirement. When she took over as president, she took everything she had learned during her years at Phoenix and put it into practice. And she wasn't alone — her only child, William, had been working ...

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