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  "documentTitle": "GFL Environmental Inc. (GFL)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2020-08-18 00:00:00",
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  "notes": "Uses a vertical timeline structure to contrast corporate messaging with legal reality.",
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      "text": "At a minimum, this illustrates poor due diligence on the part of GFL, and a consistent theme Spruce Point believes is occurring with GFL's acquisitions.",
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      "text": "Vertical timeline showing GFL/Dovigi statement (Oct 2016), Justice Dept indictment (Oct 2016), and Dovigi's reaction.",
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      "kind": "paragraph",
      "text": "GFL announced its move into the U.S. through the acquisition of Rizzo Environmental Services... GFL paid $118m for Rizzo per court filings.",
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      "kind": "quote",
      "text": "\"Rizzo Environmental is a natural fit, both geographically and culturally, for GFL's plans to grow the GFL brand into the United States.\" — GFL and CEO Dovigi, Oct 2016. \"The former CEO of garbage hauler Rizzo Environmental Services (RES), Charles B. \"Chuck\" Rizzo, 46, of Bloomfield Hills, was indicted today on five counts of bribery and three counts of conspiracy to commit bribery...\" — Justice Dept, Oct 2016. \"We found out about the allegations through the Detroit Free Press article. We were not advised by anyone internally.\" — Dovigi on the Rizzo Fraud, Oct 2016.",
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      "text": "1) Kinderhook sells equity in Rizzo to GFL, Kinderhook, Oct 2016; 2) GFL Environmental, Rizzo Environmental Complete Deal, Recycling Today, Oct 2016; 3) Garbage Executive and Tow Company Owner Charged with Bribery and Fraud, US Dept of Justice, May 2017; 4) Rizzo's Red Garbage Trucks To Get Dumped Amid FBI Probe, Detroit Free Press, Oct 2016",
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      "kind": "title",
      "text": "Crime Doesn't Pay: Rizzo Environmental Fraud",
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