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Finance & Investing

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yesterday

The Wire Game is just one variant of what long con operators call The Big Store. For grifters, the Big Store is the Major Leagues, the Show, the Big Room at Caesar's, Broadway, (insert appropriate superlative here)

In most cons the grifter is alone or at best a minority in a sea of marks. In the big store, the mark is alone in a sea of grifters, a veritable wounded fish amid a school of sharks.

The Big Store is always a long con, and always targets high rollers. Unlike the scenario shown in "The Sting" a Big Store operation never just had one target but was set up to fleece as many marks as possible.

This was allegedly invented by legendary grifter Buck Boatwright who set up betting emporiums at the turn of the 19th Century. The mark was steered into one to bet on a boxing match, horse race, or other sporting event. Some of these events were real, some were not. In the true long con the mark would be allowed to win a rather hefty amount of money. His confidence level would rise and the greed factor would kick in. At this point, the runners of the con start to work convincing the mark that there is big money to be made. For instance, he may be induced to bet thousands on an underground bare knuckles boxing match which is allegedly fixed, with the mark given the office. Midway through the match, one of the boxers lands a punch that sends the other one down and he doesn't move. Someone rushes in and announces that the boxer has died. Panic strikes because the boxing was illegal , and everyone flees, the steerer pulling the mark out.

There are many variants, many of which involve sports betting, but not a few of which involve stock market manipulation. Done right, its a hard con to detect, because the marks believe they have been the victim of bad luck or circumstance rather than fraud. The key element in this deception is having the mark win several times before being sheared.
votes 3 Helpful / 0 Funny / 0 Agree / 0 Disagree

yesterday

We were recently the marks in a scam and if the 'git can find a better definition for this one, I'll be happy to move this review to its proper place. I give it a low rating because it was easy to spot. Here's how it went down:

When we moved into our new home, we found ourselves with two washing machines and placed an ad in the local paper for one of them. We got a call from someone claiming to be a TTY service (for deaf callers). The deaf person contacts the TTY service by typed message. The TTY service acts as a relay by reading the message to the person called and types back to the deaf person. Right off the bat a red flag went up because I have had clients who used this type of service and it was usually scheduled-in, ahead of time, like an appointment. Okay, so we went with it. We were asked for our email so we the prospective buyer could connect with us, ask questions about the washer, make arrangements, etc.

The first email asked for our names, address and phone number and said they would be willing to pay $50 above our asking price and that there would be an additional amount to cover the shipping and handling...which we would pay to the person picking up the washer.

W.T.F.? Over a washer?

The key, here, was that "Charles" said that he would pay us with a Cashiers Check. Folks, if you don't know this already, you know it now: A Cashiers Check can be canceled. The way this would play out is that we would deposit the check, withdraw enough to pay the shipper. The washer is gone. The shipper has our money and "Charles" stops payment on the Cashiers Check.

My response to all of this was, "Where do you live?" The dope actually told me in his response: "Fontana, California. Do we still have a deal?" (It's 1122 miles away)

So we looked up a nearest FBI offices and got a name and messaged back to him that Agent So and So from the FBI Agency in Riverside would be handling the arrangements for us.

Guess you'll be having Banquet TV dinners tomorrow, eh? So long, sucker!
votes 5 Helpful / 0 Funny / 0 Agree / 0 Disagree

yesterday

What an amazing tale! Having read enough of those email scams I can see the similarities to this scam. I've watched a couple of news magazine shows where they went after, and easily found, the con men committing these crimes. These people just didn't seem bright enough to pull off such crimes. Now it makes sense, they were copycatters following a script.

Have you watched the music video of the scammers (played by actors, I assume) making fun of their marks? Makes my blood boil to think these s.o.b.'s are so arrogant because they know they'll never be caught. You should have seen them running, like rats, when they were confronted and informed of the undercover investigation. When questioned, they had nothing to say except that they were legitimate businessmen (right before they ran).
votes 2 Helpful / 0 Funny / 1 Agree / 0 Disagree

yesterday

Great subject, very informative. Thanks irishgit!

Here's my 2 cents worth...

An internet article on how to avoid these scams:

Consumers complain about shoddy workmanship, “fly-by-night” contractors who take payments and don’t show up to do the work, and companies that pressure homeowners into expensive, unneeded repairs. You can avoid becoming a victim by taking important precautions before having home repairs done.

Beware of roving con artists. These scam artists knock on people’s doors and offer to do work such as roofing, gutter cleaning, driveway paving or tree pruning. They sometimes appear in the aftermath of hail- storms or tornados, offering to repair storm damage.

Warning signs of a scam:

1. An offer of a reduced price because they’ve “just done a job nearby and have materials left over”

2. An offer of a “special” percentage off the repair without being clear about what the bottom-line price will be

3. No street address or telephone number, just a post office box or an answering service

4. A refusal to give a written estimate or contract

5. Accepts only cash payments and asks you to pay entire job up front.

Don’t hire contractors who come to your door unsolicited, even if they seem honest and helpful. These con artists may take your money and disappear before finishing the job, or sometimes before even starting the work, and are probably not licensed.

If something goes wrong, you would have no way to track them down. Also, admitting strangers to your home puts you at risk of being robbed...

Read the rest of the document here.
votes 1 Helpful / 0 Funny / 1 Agree / 0 Disagree

yesterday

This is a simple short con that originated in the days when rail travel was common, and is still in use at bus stations and airports. There is a pretty good depiction of it in operation in the Peckinpah version of The Getaway.

The grifter approaches someone who is about to check their luggage into a coin locker, offers to help them and palms the key to the locker. He then gives the mark the key to another, empty locker that he has previously rented. Once the mark has gone about their business, he opens the locker and steals the luggage. This is usually done by a single operator, and usually at a time when there is a lot of traffic in the area. The grifter can't be sure how much time he has, and he may limit his activity to no more than one or two marks at a single time.
votes 3 Helpful / 0 Funny / 1 Agree / 0 Disagree

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