Time for some proper due diligence/ independent auditing in our communities

[avromie7]

I got the story, someone took out cash advance on chase cards for a investment….

Is that illegal?

[Euclid]

I got the story, someone took out cash advance on chase cards for a investment….

Do you mean Amex cards?

[gozalim]

Is that illegal?

if you then default on those charges...

[jye]

if you then default on those charges...

Nope. Perfectly legal if you take out a legitimate cash advance.

[Fish Tank]

I got the story, someone took out cash advance on chase cards for a investment….

Credit card factoring ≠ cash advance

[Fish Tank]

Eli mentioned there is a frum yid going to prison for CC points...,What exactly was he charged with?

As was pointed out, it had nothing to do with cc points.

[Euclid]

Ok I think it's getting more clear.

The perp had a business/investment which needed cash. He knew that he wouldn't be approved for a large cash advance, so instead he opened a couple merchant accounts to run his (and others'?) credit cards to convert to cash. This is illegal because of credit card factoring.

He then defaulted on the CCs (whether premeditated or not, probably irrelevant) causing Amex a sizable loss. Amex then referred him for criminal charges after discovering what occurred.

If correct, clearly not an MS play (for points), but definitely lessons can be learned.

[Euclid]

As was pointed out, it had nothing to do with cc points.

He was at the sentencing, I assume he heard someone mentioning CC points there?

[Fish Tank]

He was at the sentencing, I assume he heard someone mentioning CC points there?

Read the case. It's posted above. Nothing is mentioned about cc points.

It's possible that the victim claimed he did these large transactions for cc points, and not to generate cash. . . Other than that - it's unrelated.

[Euclid]

Read the case. It's posted above. Nothing is mentioned about cc points.

It's possible that the victim claimed he did these large transactions for cc points, and not to generate cash. . . Other than that - it's unrelated.

I read the indictment- it says that he caused a $1m loss.

How? Was it points? Or was it defaulting?

[Fish Tank]

I read the indictment- it says that he caused a $1m loss.

How? Was it points? Or was it defaulting?

Swiping $1 million on a cc machine, and pocketing the cash. It was not a legitimate transaction.   

[Euclid]

It's ironic because the host of Headlines, DL, famously used credit cards to buy his first property back in the 80s. Obviously did some sort of MS in order to get that cash.

[AsherO]

It's ironic because the host of Headlines, DL, famously used credit cards to buy his first property back in the 80s. Obviously did some sort of MS in order to get that cash.

He made his first million in Bitcoin

[Fish Tank]

It's ironic because the host of Headlines, DL, famously used credit cards to buy his first property back in the 80s. Obviously did some sort of MS in order to get that cash.

Maybe he did a cash advance.

[jye]

And yet another title company in the crosshairs.

[JMHO]

And yet another title company in the crosshairs.

For gosh sake, if you have something to say, say it.

[Euclid]

And yet another title company in the crosshairs.

The one from beginning of September? Or a new thing?

[jye]

The one from beginning of September? Or a new thing?

I’m hearing blacklist. Not the one from September.

[jye]

[shulem92]

Maybe the guy who was indicted did this? Check out the comments. Lol
https://www.dansdeals.com/blank/scalding-hot-free-credit-card-processing-from-google-through-the-end-of-the-year/