"There was no possible excuse for the deliberate misconduct, amounting to theft, in which GMH engaged," Posner wrote in an opinion backed by all three judges who heard the appeal. "Auchi is not only the chairman of GMH but also the company's 100 percent owner. He had been kept fully informed of, encouraged, and been centrally involved in approving the fraud against Sirazi, and as the owner of GMH he was enriched by his conduct — unjustly."