Should I go on TV interview for "American Greed"? (Local boat title scammer)
#141
Registered
thats a problem here in Canada -- not sure how it works in the US banking system. Here the bank employees are given a set number of sales to achieve weekly, visas, home mortgages, lines of credit --- boat loans are all pushed by the bank with a high degree sales force. Someone walking in to get an million dollar loan and has collateral ( fake in this case ) to back it up is a huge sale for the bank employee.
When you take into the consideration of the timing of when this was all going down and the fact that the banks were loaning way above realistic values i can see where this would get out of hand.
Most people would not even think that anyone would pull this kind of con -- but alot of them came to the surface since 2008...
I feel sorry for the people that lost their hard earned money because of cons like this.
When you take into the consideration of the timing of when this was all going down and the fact that the banks were loaning way above realistic values i can see where this would get out of hand.
Most people would not even think that anyone would pull this kind of con -- but alot of them came to the surface since 2008...
I feel sorry for the people that lost their hard earned money because of cons like this.
#142
never trade luck for skil
Gold Member
Join Date: Dec 2004
Location: San Diego, CA
Posts: 937
Likes: 0
Received 0 Likes
on
0 Posts
Maybe it had 6s?? I found out about after he got caught the 2nd time cause the Feds were looking for it.
#146
I like that show but they sometimes get too dramatic with the story telling......
Banks in the boom were aggressively lending to anyone, then overly aggressively lending to repeat clients that have paid the loans back so for the scammers it was a dream come true. Vorce did it with boats, some other guys did it with real estate/construction projects. The show gives you a national perspective of problems.....turns out not all the scammers are from Florida/NY/TX after all!
Banks in the boom were aggressively lending to anyone, then overly aggressively lending to repeat clients that have paid the loans back so for the scammers it was a dream come true. Vorce did it with boats, some other guys did it with real estate/construction projects. The show gives you a national perspective of problems.....turns out not all the scammers are from Florida/NY/TX after all!
#147
Registered
Agreed, but gotta love the online loan application process. What were the banks thinking??
I can't believe not 1 bank asked to see the boat before they loaned the $$$.
Even my insurance company wants pics of everything they insure for me.
I can't believe not 1 bank asked to see the boat before they loaned the $$$.
Even my insurance company wants pics of everything they insure for me.
#148
I would think the 2000/3 55' Hylite that was mentioned is the green wing 2 that is now listed on national liquadators site for $349000
Other than a fake title did it get wrapped up in the scam also? Or is it just listed for sale under normal circumstances?
It's had a fairly colorful past also...
Other than a fake title did it get wrapped up in the scam also? Or is it just listed for sale under normal circumstances?
It's had a fairly colorful past also...