PSA: Don't swipe recklessly for others

[chbochur]

[For informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem.]

+1

[chevron]

This is 2 different stories, 13m guy is from may 2018, this is 4m.

If they say it was unauthorized they will file fraud charges against those that used it.

[chevron]

To be honest I don't know if anyone is totally sure as to what he did with it.
(This coming from people who lost over a million dollars in that story)

Mutual funds, he gambled it all away. Very brilliant guy from what I heard but compulsive gambler. Sad

[chbochur]

Mutual funds, he gambled it all away. Very brilliant guy from what I heard but compulsive gambler. Sad

I've heard many rumors as well but there is no factual answer from my knowledge

[sruly]

this is 4m.

that's supposedly the ammount just on CC's

[joey89]

Seems like a factual question subject to dispute. Additionally, all prior charges were only authorized with the expectation that the cardholder would receive the reimbursement to make the applicable credit card payments. Seems worth a shot at least before resorting to bankruptcy protection.

[For informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem.]

I am no lawyer, however bankruptcy (maybe even chargeback) might open a whole new can of legal worms, 1) fraudulently claiming income in order to be approved for a credit card. 2) tax evasion for not declaring income for points sold (if that’s what they did) etc.

As mentioned, all impacted should get competent legal help before they make their next move.

As an aside, heard from a relative who has several friends that were impacted by this event that the victims are coordinating/in touch with the lawyer for the perpetrator, as mentioned I am no lawyer but that does not seem like a good idea, with the lawyer being obviously conflicted.

[Yehuda25]

I am no lawyer, however bankruptcy (maybe even chargeback) might open a whole new can of legal worms, 1) fraudulently claiming income in order to be approved for a credit card. 2) tax evasion for not declaring income for points sold (if that’s what they did) etc.

As mentioned, all impacted should get competent legal help before they make their next move.

As an aside, heard from a relative who has several friends that were impacted by this event that the victims are coordinating/in touch with the lawyer for the perpetrator, as mentioned I am no lawyer but that does not seem like a good idea, with the lawyer being obviously conflicted.

why in the world would they coordinate with the other side's lawyer??

[joey89]

why in the world would they coordinate with the other side's lawyer??

I was wondering the same thing when I heard about it.
Apparently they are holding out the possibility of being able to repay the capital, so they are trying to prevent the victims from filing claims and forcing them into bankruptcy, which would cause them to have to liquidate all merchandise at pennies on the dollars. Which is what their lawyer is presenting to the victims.

[zale]

I was wondering the same thing when I heard about it.
Apparently they are holding out the possibility of being able to repay the capital, so they are trying to prevent the victims from filing claims and forcing them into bankruptcy, which would cause them to have to liquidate all merchandise at pennies on the dollars. Which is what their lawyer is presenting to the victims.

This is a BIG mistake. Tell your relative to tell his friends that they should NEVER take advice from an opposing party's lawyer. The lawyer for the merchant can be gearing up to protect his client from any lawsuits brought on by the victims, and can use any and all information the victims provide against them.

They must obtain their OWN counsel and have their own attorneys reach out to the merchant's attorney.

[joey89]

This is a BIG mistake. Tell your relative to tell his friends that they should NEVER take advice from an opposing party's lawyer. The lawyer for the merchant can be gearing up to protect his client from any lawsuits brought on by the victims, and can use any and all information the victims provide against them.

They must obtain their OWN counsel and have their own attorneys reach out to the merchant's attorney.

I told him that as soon as I heard it.

[chbochur]

I was wondering the same thing when I heard about it.
Apparently they are holding out the possibility of being able to repay the capital, so they are trying to prevent the victims from filing claims and forcing them into bankruptcy, which would cause them to have to liquidate all merchandise at pennies on the dollars. Which is what their lawyer is presenting to the victims.

Without getting into details the people the firm they are using are very professional and are working with both sides together.

[joey89]

Without getting into details the people the firm they are using are very professional and are working with both sides together.

Which side is paying? That is who the lawyers are responsive to. When the interest of both sides start competing (which will inevitably happen) who’s side do you think the lawyers will represent?
Hence everyone effected should have their own counsel.

[chbochur]

Which side is paying? That is who the lawyers are responsive to. When the interest of both sides start competing (which will inevitably happen) who’s side do you think the lawyers will represent?
Hence everyone effected should have their own counsel.

True but they only get paid if it works out for both sides

[YesThatsMe]

True but they only get paid if it works out for both sides

And you said they were professional lawyers? Lol

[chbochur]

And you said they were professional lawyers? Lol

Never called them lawyers just professionals:)

[ludmila]

Mutual funds, he gambled it all away. Very brilliant guy from what I heard but compulsive gambler. Sad

Mutual funds?Chose an investment vehicle, not much of a gamble, unless he got caught up in the latest severe downturn. Should have traded futures, at least if it worked his way he would have made a fortune.

[joey89]

True but they only get paid if it works out for both sides

A competent lawyer would evaluate the possibility of working out a deal and recouping as much as possible before forcing the merchant into bankruptcy. Does not change the fact that the lawyer is working for the person that he bills and willl do all that he can to protect his clients interest, others be damned.

[churnbabychurn]

why in the world would they coordinate with the other side's lawyer??

This is a BIG mistake. Tell your relative to tell his friends that they should NEVER take advice from an opposing party's lawyer. The lawyer for the merchant can be gearing up to protect his client from any lawsuits brought on by the victims, and can use any and all information the victims provide against them.

They must obtain their OWN counsel and have their own attorneys reach out to the merchant's attorney.

This is a continuation of the scam and fraud.
The perp is further taking advantage of the lack of sophistication of his victims.

He is controlling the process to his advantage. Terrible

[zale]

True but they only get paid if it works out for both sides

How can this work out for both sides?

Does the merchant have enough business assets that if sold would cover at least half of the credit card debt?

If not, does the merchant have personal assets that he and his lawyer will inevitably move to protect? Does he own a home? A car?

There is a strong possibility that his lawyers are simply staving off the victims for long enough so that he can move all of his personal assets out of the reach of creditors.

[Zalc]

Never called them lawyers just professionals:)

Key words here...