Some parents will do anything to get their children what they want. Even if that means defrauding their investors out of tens of millions of dollars.
North Carolina man Robert Boston was convicted by a jury of his peers of stealing about $25 million from investors in his electronic waste recycling firm Zloop. He took all that green that and attempted to invest in the NASCAR career of his son, Justin Boston. Robert also treated himself to a sick house and some sicker cars.
According to The Charlotte Observer, the elder Boston spent $6.1 million of the embezzled money on his son’s racing prospects. The rest of it went to fun stuff like a private plane, a Corvette, and paying off old debts. He even contemplated buying his own island.
During its five-year run, Boston spent more money on Justin’s racing efforts than he did on running his company.
Sadly for Justin, he was dropped from his KBM racing team when his $650,000 sponsorship payment wasn’t delivered.
Check out the full report here.
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