Carrying costs > liquidity premium, a continuing series

by on June 21, 2009 at 1:02 pm in Law | Permalink

The white-haired parking meter repairman who, little by little, stole
more than $100,000 in coins from meters in Alexandria [VA], pleaded guilty
today to two counts of embezzling public funds, and faces a maximum of
40 years in prison.

Police caught William Jonas Fell, 61, in April, and when they searched
his house they discovered about $100,000 in paper money and $7,100 in
nickels, dimes and quarters stashed in rolls, a bucket and a silver
cup.

Fell's lawyer, Greg English, said that for more than a year, Fell
would ferry the coins home and exchange them for bills at a supermarket
near his home in Stafford county.

"What else do you do with it?" English said after the hearing in
Alexandria Circuit Court. "You can't put it in your checking account."

Here is more.

mangy cat June 21, 2009 at 2:26 pm

wrong location
fell fell because he worked in san diego or seattle could have opened an account in teejay or vancouver

note: wapo at its usual accuracy, fell is not “white-haired”, at least in the photo

Ward June 21, 2009 at 5:26 pm

What if he had seached among the coins for colletibles and exchanged them for his own. He would have extracted value without taking money due the state for himself…maybe? It would be fun to know if that “honest” work would have yielded him the same or more money but it surely would have been more work.

Vernunft June 21, 2009 at 10:07 pm

“What if he had seached among the coins for colletibles and exchanged them for his own. He would have extracted value without taking money due the state for himself…maybe? It would be fun to know if that ‘honest’ work would have yielded him the same or more money but it surely would have been more work.”

Taking secret profits is a violation of the fiduciary duty of an agent to his principal.

AADL June 21, 2009 at 11:09 pm

I’m surprised they still use meters that take coins, instead of the type that takes plastic.

MH June 22, 2009 at 9:42 am

Somebody should tell him about Coinstar. They’re in every grocery store around here. Granted they take a cut if you want to remain untraceable (i.e. not put it into Starbucks or Amazon), but still you could easily find enough different machines that nobody would be likely to remember you at any given location.

BATS June 28, 2009 at 12:57 am

Now that is a lot of coin. I wonder how many coins per day can you ferry in ones pocket. I could only imagine his pockets. How to Get Rid of Bats

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