The fresh-faced Andrew McCarthy lookalike above is David Wittig, Fortune magazine cover boy in November of 1986, former mentee of Kidder, Peabody's Marty Seigel (of insider-trading-with-Ivan-Boesky fame), who was recently sentenced to 18 years in prison for fraud and money laundering associated with his Kansas-based firm, Westar Energy. The story turns a bit shades-of-TYCO in discussing Wittig's use of company funds for personal gain:
The Wittigs' conspicuous consumption continued with acquisition of the Topeka mansion that had been home to Alf Landon, a former Kansas governor and 1936 GOP presidential nominee. Wittig pumped $6 million into the Landon residence, using company stock as collateral for loans from Capital City Bank in Topeka. Wittig added a theater, bar, game room and a basketball court. Cost was no object, since he had a clause in his employment deal that stipulated Western Resources would buy the home at no loss to himself.
Like everything else these days, it's a cautionary tale--and one that we'll keep in mind the next time we try to expense a basketball court.
(Photo: Thad Allton )
Wittig: The Rise and Fall [Topeka Capital Journal]