MaxedOutMama
Wednesday, October 11, 2006
Casey At The Bat
Many people are enjoying the Casey Serin saga. I am not, because I know the law, and under the law banks and some bank subsidiaries are required to file SAR's on federal crimes involving aggregate money over a certain point. It's not an option. If they learn of certain types of activity (or in some cases, if they just suspect it), they must file.
In other words, the kid must already have been reported to the feds, and he is now making a case for his own conviction on his blog. I figure he's already added 5 years to his sentence by helpfully compiling his confession.
Here's a hint: Filing a loan application and lying on it with intent to defraud is a federal crime. Filing multiple such applications takes the plausible deniability out of it. Writing letters to the lenders in your own words explaining that you are buying a house to live in it when you're not establishes that you knowingly signed a false application in order to get money under false pretences. When you got cash-back on the deals, and are still seeking to sell that way, and publish the entire story on the internet, you have pretty much made an iron-clad case that your criminal instincts are as deeply rooted as your stupidity.
Writing on your blog that your wife knew you were doing this (here's hoping she didn't sign the letters) subjects your wife to investigation too. Casey Serin is going out of the country or going to jail. He is one of the stupidest criminals of this century. You only write the tell-all book after you are in the penitentiary. Publishing it for free before you have even been sentenced only makes things easy for the investigators and takes the bargaining step out of the plea bargain. I'm pretty sure that Casey thinks he's being incredibly clever by trying to establish a record that he didn't mean to do it, but he is too stupid and too much of a shyster to manage it. Instead he keeps establishing the opposite. The Dunning Effect rears its ugly head.
I ran into this by accident by following a link to his blog. The only thing I know directly of this is that it appears to be true. According to a couple of RE records I looked up, the kid's name is on at least two of the properties and he "bought" them when he said he did. If I were involved in this more directly, I would have already followed the law and filed the SAR.
I post this as a warning to other people. A lot of very sharp operators are desperate, and the only way out for them is to involve other people in either non-beneficial activity or in outright fraud. Don't get swept up in it, and make your kids read the blog in order to inoculate them from such activity.
There is no joy in Mudville. If you read the comments at the blog, you'll run across many who think he can just keep doing it. The flippers are in deep denial in their land of Flipperdom:
In other words, the kid must already have been reported to the feds, and he is now making a case for his own conviction on his blog. I figure he's already added 5 years to his sentence by helpfully compiling his confession.
Here's a hint: Filing a loan application and lying on it with intent to defraud is a federal crime. Filing multiple such applications takes the plausible deniability out of it. Writing letters to the lenders in your own words explaining that you are buying a house to live in it when you're not establishes that you knowingly signed a false application in order to get money under false pretences. When you got cash-back on the deals, and are still seeking to sell that way, and publish the entire story on the internet, you have pretty much made an iron-clad case that your criminal instincts are as deeply rooted as your stupidity.
Writing on your blog that your wife knew you were doing this (here's hoping she didn't sign the letters) subjects your wife to investigation too. Casey Serin is going out of the country or going to jail. He is one of the stupidest criminals of this century. You only write the tell-all book after you are in the penitentiary. Publishing it for free before you have even been sentenced only makes things easy for the investigators and takes the bargaining step out of the plea bargain. I'm pretty sure that Casey thinks he's being incredibly clever by trying to establish a record that he didn't mean to do it, but he is too stupid and too much of a shyster to manage it. Instead he keeps establishing the opposite. The Dunning Effect rears its ugly head.
I ran into this by accident by following a link to his blog. The only thing I know directly of this is that it appears to be true. According to a couple of RE records I looked up, the kid's name is on at least two of the properties and he "bought" them when he said he did. If I were involved in this more directly, I would have already followed the law and filed the SAR.
I post this as a warning to other people. A lot of very sharp operators are desperate, and the only way out for them is to involve other people in either non-beneficial activity or in outright fraud. Don't get swept up in it, and make your kids read the blog in order to inoculate them from such activity.
There is no joy in Mudville. If you read the comments at the blog, you'll run across many who think he can just keep doing it. The flippers are in deep denial in their land of Flipperdom:
A straggling few got up to go in deep despair. The rest
Clung to that hope which springs eternal in the human breast;
They thought, "If only Casey could but get a whack at that—
We'd put up even money now, with Casey at the bat.
...
There was ease in Casey's manner as he stepped into his place;
There was pride in Casey's bearing and a smile lit Casey's face.
And when, responding to the cheers, he lightly doffed his hat,
No stranger in the crowd could doubt 'twas Casey at the bat.
...
With a smile of Christian charity great Casey's visage shone;
He stilled the rising tumult; he bade the game go on;
He signaled to the pitcher, and once more the dun sphere flew;
But Casey still ignored it and the umpire said, "Strike two!"
"Fraud!" cried the maddened thousands, and echo answered "Fraud!"
But one scornful look from Casey and the audience was awed.
They saw his face grow stern and cold, they saw his muscles strain,
And they knew that Casey wouldn't let that ball go by again.
...
Oh, somewhere in this favoured land the sun is shining bright,
The band is playing somewhere, and somewhere hearts are light;
And somewhere men are laughing, and somewhere children shout,
But there is no joy in Mudville—mighty Casey has struck out.
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Hi Mama; After reading that kid's Blog, I now understand why I make so much money. Thanks for pointing it out. I was having a low self- esteem day.
# posted by 
: 11:34 AM
: 11:34 AM
ed in texas
Yeah, I've been watching him off and on for about two weeks. It's like rubbernecking at a wreck on the freeway.
My cynical prediction: he gets immunity for testifing at what will be Sen Boxer's hearings about predatory lending practices, circa spring/summer 2007. (Ya know, gotta recapture those middle class votes before '08.)
Yeah, I've been watching him off and on for about two weeks. It's like rubbernecking at a wreck on the freeway.
My cynical prediction: he gets immunity for testifing at what will be Sen Boxer's hearings about predatory lending practices, circa spring/summer 2007. (Ya know, gotta recapture those middle class votes before '08.)
# posted by : 2:21 PM
: 2:21 PM
Terrifying, isn't it? I am sure those who approved his credit card limits are going to be having some very low self-esteem days too.
Hey! Ed in Texas - he could testify in Reid's defense!
That's some sweet deal Reid pulled, isn't it? I mean, the man has got to be the last person to make a million in Las Vegas, doesn't he?
I bet he was inspired by HRH Hillary's commodity trading brilliance....
Link here.
" _The deal began in 1998 when Reid bought undeveloped residential property on Las Vegas' booming outskirts for about $400,000. Reid bought one lot outright, and a second parcel jointly with Brown. One of the sellers was a developer who was benefiting from a government land swap that Reid supported. The seller never talked to Reid.
_In 2001, Reid sold the land for the same price to a limited liability corporation created by Brown. The senator didn't disclose the sale on his annual public ethics report or tell Congress he had any stake in Brown's company. He continued to report to Congress that he personally owned the land.
_After getting local officials to rezone the property for a shopping center, Brown's company sold the land in 2004 to other developers and Reid took $1.1 million of the proceeds, nearly tripling the senator's investment. Reid reported it to Congress as a personal land sale.
The complex dealings allowed Reid to transfer ownership, legal liability and some tax consequences to Brown's company without public knowledge, but still collect a seven-figure payoff nearly three years later."
That's some sweet deal Reid pulled, isn't it? I mean, the man has got to be the last person to make a million in Las Vegas, doesn't he?
I bet he was inspired by HRH Hillary's commodity trading brilliance....
Link here.
" _The deal began in 1998 when Reid bought undeveloped residential property on Las Vegas' booming outskirts for about $400,000. Reid bought one lot outright, and a second parcel jointly with Brown. One of the sellers was a developer who was benefiting from a government land swap that Reid supported. The seller never talked to Reid.
_In 2001, Reid sold the land for the same price to a limited liability corporation created by Brown. The senator didn't disclose the sale on his annual public ethics report or tell Congress he had any stake in Brown's company. He continued to report to Congress that he personally owned the land.
_After getting local officials to rezone the property for a shopping center, Brown's company sold the land in 2004 to other developers and Reid took $1.1 million of the proceeds, nearly tripling the senator's investment. Reid reported it to Congress as a personal land sale.
The complex dealings allowed Reid to transfer ownership, legal liability and some tax consequences to Brown's company without public knowledge, but still collect a seven-figure payoff nearly three years later."
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# posted by : 9:40 AM
: 9:40 AM
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