EvenBob
EvenBob
Joined: Jul 18, 2010
  • Threads: 421
  • Posts: 23354
February 19th, 2019 at 12:51:23 PM permalink
Quote: gamerfreak

Can you post an example of someone going to prison over misrepresenting income in on a Credit Card application?



If I get time to look. He had $80K income
and claimed $175K on card apps. He went
$150K in debt filed bankruptcy and did
2 years in a fed slammer for fraud.
"It's not enough to succeed, your friends must fail." Gore Vidal
billryan
billryan
Joined: Nov 2, 2009
  • Threads: 154
  • Posts: 7791
February 19th, 2019 at 12:54:53 PM permalink
Quote: EvenBob

If I get time to look. He had $80K income
and claimed $175K on card apps. He went
$150K in debt filed bankruptcy and did
2 years in a fed slammer for fraud.



Which has nothing to do with lying on a credit card application.
Man lies on a CC application. Uses the CC to buy a gun and shoot someone. Did the man go to jail for lying on his CC application?
EvenBob
EvenBob
Joined: Jul 18, 2010
  • Threads: 421
  • Posts: 23354
February 19th, 2019 at 1:23:41 PM permalink
Quote: billryan


Which has nothing to do with lying on a credit card application.



He fooled the CC company into
giving him $100K of extra credit
he didn't deserve, then he abused
it. That's fraud. They prosecuted,
hello slammer.
"It's not enough to succeed, your friends must fail." Gore Vidal
gamerfreak
gamerfreak
Joined: Dec 28, 2014
  • Threads: 43
  • Posts: 2923
February 19th, 2019 at 2:00:35 PM permalink
Quote: EvenBob

He fooled the CC company into
giving him $100K of extra credit
he didn't deserve, then he abused
it. That's fraud. They prosecuted,
hello slammer.


I am highly skeptical, but I await your source.

Credit applications read ďincome you reasonably have access toĒ which is so vague I canít imagine any lawyer not being able to get their client out of jail time at minimum.
onenickelmiracle
onenickelmiracle
Joined: Jan 26, 2012
  • Threads: 192
  • Posts: 7252
February 19th, 2019 at 2:29:20 PM permalink
How can you lie about household income if you don't really know what the other people actually make a year? I think that question has a wide range of possible answers. If you know your income, maybe the income of another, maybe the income of another, you can still have some leniency with regards to what the others make. Even if they tell you they make $60,000 a year, it could be safe to assume they make $100,000, because they could be lying. If push comes to shove, unless you're forced to answer differently than on the application, it should make some sense. I think there isn't an answer unless you see tax returns and even then, couldn't you assume they were lying there to some degree?
#FreeNATHAN #Paytheslaves
unJon
unJon
Joined: Jul 1, 2018
  • Threads: 9
  • Posts: 1160
February 19th, 2019 at 3:23:16 PM permalink
Quote: billryan

Which has nothing to do with lying on a credit card application.
Man lies on a CC application. Uses the CC to buy a gun and shoot someone. Did the man go to jail for lying on his CC application?

Huh? You think running up cc debt and going bankrupt is punishable by going to jail??
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
DRich
DRich
Joined: Jul 6, 2012
  • Threads: 69
  • Posts: 5050
February 19th, 2019 at 3:30:07 PM permalink
It sounds like the fraud to me was running up debt with no intention to pay it off and then declare bankruptcy. It wasn't lying about income.
Living longer does not always infer +EV
unJon
unJon
Joined: Jul 1, 2018
  • Threads: 9
  • Posts: 1160
February 19th, 2019 at 3:31:16 PM permalink
Quote: DRich

It sounds like the fraud to me was running up debt with no intention to pay it off and then declare bankruptcy. It wasn't lying about income.

Thatís. Not. Fraud.
The race is not always to the swift, nor the battle to the strong; but that is the way to bet.
TigerWu
TigerWu
Joined: May 23, 2016
  • Threads: 18
  • Posts: 3541
February 19th, 2019 at 3:33:09 PM permalink
Here you go, folks. Pretty sure this is what EvenBob is talking about.

David P. Gaylord, sentenced to time served, five years supervised release, and over $40,000 in fines. Sentenced specifically for loan application fraud, to include lying on credit card applications.

Illegal as per 18 U.S. Code § 1014, and punishable by up to 30 years in prison and $1,000,000 fine.
DRich
DRich
Joined: Jul 6, 2012
  • Threads: 69
  • Posts: 5050
February 19th, 2019 at 3:36:50 PM permalink
Quote: Aussie

This one is obviously a promotion in Aus but it was take out a pet insurance policy and the would give you reward points that could be converted to 8,700 Qantas miles. The terms of the promo have allowed multiple lots of bonus points to be earned.

The cheapest policy I found was approx $9 per fortnight. The miles would credit after 30 days meaning 3 payments ($27) before I can cancel the policy. 8,700 Qantas points is conservatively valued at just under $100.

I have done many promotions like this where the value of the airline miles is far more than the cost to participate. As a result I donít fly economy/coach long haul.



Thank you, I am always looking for these kinds advantages.

My favorite here was an airline called Airtrans (now Southwest):

"AirTran is doing a promotion with Wendy's here in the US. Collect 32 medium or Biggie sized cups to get a one way AirTran A+ reward ticket. Collect 64, and you get a round trip ticket."

There was no limit. You could just go to Wendy's and by the cups without a drink for about $1.29. The big money was buying them for about $0.25 each on Ebay. Round-trip tickets for less than $20.
Living longer does not always infer +EV

  • Jump to: