How Counterfeit Money Actually Works | How Crime Works | Insider | Summary and Q&A

TL;DR

Jeff Turner shares his experience as a counterfeiter, detailing his methods, materials, and challenges, shedding light on the criminal underworld of counterfeiting.

Key Insights

• 💰 Counterfeiting Experience: Jeff Turner shares how he became successful in counterfeiting US banknotes through trial and error, eventually creating bills that were deemed the best the Secret Service had seen in 25 years.
• 🏦 Financial Desperation: Turner turned to counterfeiting due to a desperate financial situation after losing his job, wrecking his work truck, and having a newborn baby to support.
• 💵 Counterfeit Bills: Turner primarily counterfeited the '96-series $100 bill and found the process challenging but satisfying, experimenting with different materials for the best results.
• 🔬 Attention to Detail: Turner paid close attention to replicating security features, such as using invisible ink, a specific eye shadow, and adding texture to Benjamin Franklin's shirt.
• 🏛️ Security Features: Turner studied extensively the security features of real bills to ensure his counterfeits were convincing, including color-shifting ink, security ribbons, microprinting, and magnetism on the more modern blue-note $100 bill.
• 🛒 Breaking Counterfeit Bills: Turner would break his counterfeit bills at big retail stores, grocery stores, and sell them to people at 25 cents on the dollar. He used various tactics to distract cashiers, such as giving exact coinage and targeting male or female cashiers depending on the situation.
• ⚠️ Counterfeit Detection: Large retailers mostly used counterfeit pens to detect fake bills. Cashiers would also look for security strips, watermarks, texture, and use bill validators or hold the bill at a specific angle to check for color changes.
• 🔒 Legal Consequences: Turner eventually got caught, cooperated with the Secret Service, and served 10 to 16 months in prison. He believes white-collar criminals should go to prison and acknowledges the impact it had on turning his life around.
• 🌍 International Counterfeiting and Impact: Counterfeiting is a profitable criminal activity, and Turner suggests organizations in countries like North Korea, Lima, and Medellín are involved. While effective measures can be taken, it may still be difficult to completely prevent counterfeiting, potentially eroding trust in cash and impacting local economies.

Transcript

My name's Jeff Turner, I've printed over a million dollars in US banknotes, and this is how crime works. I've been called "the Picasso of counterfeiting." From my perspective, it wasn't that hard to do it, if that makes sense. It just took a lot of trial and error, basically. The bills just progressively got better and better until eventually got c... Read More

Questions & Answers

Q: How did Jeff Turner perfect his counterfeiting techniques?

Jeff Turner spent extensive time editing high-resolution images, using multiple layers and jumbling up serial numbers. He experimented with various papers, eventually finding the perfect match in Bible paper, which had the right texture and glowing properties. He also used lacquer spray, invisible-ink UV pens, and iridescent green eye shadow to replicate security features.

Q: How did Jeff Turner distribute the counterfeit money?

Turner tried to launder the money every day by breaking the counterfeit bills at big retail stores and selling them to people, usually at a rate of 25 cents on the dollar. He strategically targeted specific cashiers and employed distraction techniques during the transactions.

Q: How did Jeff Turner avoid detection?

Turner parked his car far away to prevent the cashiers from getting his license plate number. He also avoided self-checkout machines, which had advanced counterfeit detection software. Despite some cashiers suspecting his counterfeit bills, most accepted them due to the meticulous replication of security features.

Q: How did Jeff Turner's counterfeiting operation come to an end?

One of the drug dealers he had sold counterfeit bills to discovered the fakes when a bill got wet, revealing the smudged color-shifting makeup on it. The dealer then informed the authorities, and Turner was caught red-handed in his hotel room.

Q: What were the consequences of Jeff Turner's counterfeiting operation?

Turner cooperated with the Secret Service, leading to a reduced sentence of 10 to 16 months. Although he believes white-collar criminals should be imprisoned, his experience ultimately got him sober and helped him turn his life around. The local economy, although not significantly impacted, experienced a decline in trust in cash, with certain stores in Knoxville refusing to accept $100 bills.

Summary & Key Takeaways

• Jeff Turner, an expert counterfeit cash producer, shares his journey and techniques in counterfeiting money, which eventually led to his arrest.

• He meticulously researched and experimented with different materials to create authentic-looking counterfeit bills that even fooled the Secret Service.

• Turner primarily sold the counterfeit money to large corporations and drug dealers, ultimately leading to his downfall.