Inflated Invoices Alleged Fraud by Ronald Rutman

During the 1990s  when ArtCraft limited under Ronalsd Rutman didn’t have enough Account Receivable “ AR”  to secure the line of credit in the bank “ LOC”  he created a scheme of creating fake invoice to boost the  A/R

All invoices were made the last day of the month

 

1/31/1995  Invoice # 33891  $ 128,400.00 ( Incld GST )

This invoice was cancelled on   4/3/1995  with credit note # 36724

Description of  goods sold in the invoice is Bulk Jeweler at $ 1.00   (Kmart did not buy any bulk Jewelry )

 

5/31/1995  Invoice # 36974 $ 96,300.00 ( Incld GST

This invoice was cancelled on 8/8/1995 with credit note 38434

Description of  goods sold in the invoice is “ Customer Sales “ 

 

7/31/1995  Invoice # 38419  $ 66,340.00 ( Incld GST )

This invoice was cancelled on   10/19/1995  with credit note # 36724

Description of  goods sold in the invoice is “ Customer Sales “ 

 

1/31/1996  Invoice # 42956  to Kmart  $ 23,540.00 ( Incld GST )

This invoice was cancelled on   2/27/1996  with credit note #  43598

 

1/31/1996  Invoice # 42957 to Kmart  $ 23,540.00 ( Incld GST )

This invoice was cancelled on   2/27/1996  with credit note #  43599

 

1/31/1996  Invoice # 42958  to Sears  $ 27,820.00 ( Incld GST )

This invoice was cancelled on   2/27/1996  with credit note #  43600

 

2/29/1996  Invoice # 43738  $ 54,570.00 ( Incld GST )

This invoice was cancelled on   3/29/1996  with credit note #  44414