Story of a $1.5 million scam | Matthew Cox and Lex Fridman | Summary and Q&A

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January 19, 2024
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Lex Clips
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Story of a $1.5 million scam | Matthew Cox and Lex Fridman

TL;DR

A man recounts his experiences with scams, identity fraud, and narrowly avoiding law enforcement while carrying out fraudulent activities involving property purchases and refinancing.

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Questions & Answers

Q: How did the narrator collect identities for creating new identities?

The narrator approached homeless individuals in Las Vegas, pretending to conduct surveys for the Salvation Army, offering them $20 cash for personal information, such as name, date of birth, and social security number.

Q: How did the narrator manage to refinance properties multiple times?

The narrator went to different title companies and banks, taking advantage of the lack of communication between them. He used the strategy of wraparound mortgages and created multiple corporate identities to open bank accounts.

Q: How did the narrator handle a close call with Washington Mutual?

The narrator's lawyer negotiated with Washington Mutual, convincing them not to involve law enforcement. The narrator paid off the bank with a check and avoided further consequences.

Q: How did the narrator organize his multiple identities?

Each identity had its own file with plastic inlays sleeves for passports. The narrator kept track of each identity's documents and information, ensuring everything was well-organized.

Summary & Key Takeaways

  • The narrator and his partner engage in various fraudulent activities, including running a scam in South Carolina, dropping off money in Las Vegas, and collecting identities for creating new identities.

  • They purchase two houses in South Carolina through owner financing and satisfy the loans. The narrator also refinances the mortgages multiple times through multiple banks and corporate accounts.

  • A close call occurs when a lawyer from Washington Mutual contacts the narrator about fraudulent documents and mortgages, but through negotiation, the narrator pays off the bank to avoid law enforcement involvement.

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