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The wildest insurance fraud scheme in Texas

texasmonthly.com

21–30 of 116 posts

Re: The wildest insurance fraud scheme in Texas

#21
post #17

I don't want to read a novel before being able to understand what this is about. At least the article could provide a quick glimpse at what the fraud scheme is. I kept reading for 5-6 minutes and then lost interest.

Dang, I really liked the long story. Just don't read it if you don't?

You didn't like OPs comment, but you replied anyway. And you can't know if you like something before reading it. And it is a forum, where anyone can (reasonably) tell everyone what (s)he think.

Re: The wildest insurance fraud scheme in Texas

#22

I don't want to read a novel before being able to understand what this is about. At least the article could provide a quick glimpse at what the fraud scheme is. I kept reading for 5-6 minutes and then lost interest.

Kid bought an old crappy yacht. Years later he's caught in serial insurance fraud transactions for boats and planes. The dollar ripoff values go from $40k to $100k's rapidly within a few years, and a few years later he's in jail.

Guy is in this line of 'work' because he is an adrenaline junkie. It brings certain side benefits-- dealing in obscure obsolete aircraft and parts gives him means of leisure and more than a little swagger, without the pain of asset depreciation. Convinces himself, a romantic interest, and not many others, that he's James Bond.

Once his 'business' got big enough, it attracted the right attention and has given the guy an opportunity to remake himself yet again, this time from jail.

Re: The wildest insurance fraud scheme in Texas

#23
post #12

Earlier quoted context omitted.

Insurance companies are well aware of the geniuses constantly rediscovering that you can overinsure something you don't care about and then cash it in.[1] They try to protect against that by requiring that you can only get policies on something you have an "insurable interest" [2] in (i.e. independent reason to value it and not want the insured event to happen to it). They also try to closely calibrate payouts so tha…

I would argue three. Anyone can get an interest in anything, can't they?

Insurance isn't actually gambling and the legal frameworks they operate under are very different. They have common features mathematically, but they serve very different economic and commercial purposes.

Re: The wildest insurance fraud scheme in Texas

#24
What a fascinating character & interesting read.

> he is taking college correspondence courses, “the path of least resistance” toward a business administration PhD. “I simply thought, if someone is going to call me a con man or [say] ‘you’re an asshole,’ well—it will be doctor asshole,” he said.

He may be in prison, but at least he's not lost his sense of humor. Completely in character based on the rest of the piece!

Re: The wildest insurance fraud scheme in Texas

#25

I don't want to read a novel before being able to understand what this is about. At least the article could provide a quick glimpse at what the fraud scheme is. I kept reading for 5-6 minutes and then lost interest.

tl;dr summary from 3 years ago.

https://www.flyingmag.com/young-entrepreneur-and-pilot-faces...

Re: The wildest insurance fraud scheme in Texas

#26

I don't want to read a novel before being able to understand what this is about. At least the article could provide a quick glimpse at what the fraud scheme is. I kept reading for 5-6 minutes and then lost interest.

I don't understand this comment at all.

First of all, the first paragraph is about a suspicious plane fire - the plane literally burned in half sitting in a hangar. That should provide you some hint about what the fraud scheme is going to be. There's even an animated image of a plane on fire! Did you need the author to print "this is a story about insurance fraud" in big bold print at the top of the story?

Secondly, comments like this are really worthless on HN, it adds nothing to the discussion and as you point out, you didn't even read the article. Why even both writing a waste of a comment?

Re: The wildest insurance fraud scheme in Texas

#27
post #7
post #5

Note - an L-39 is not a MiG - it was designed in Czechoslovakia by Aero Vodochody. A small point, but these kind of large errors in articles I'm supposed to be taking seriosly drive me crazy.

There’s nothing about TFA that should be taken seriously. It’s pulp fiction. Just like TR himself. Not to say “whoosh”, but I’m pretty sure that’s the whole point of the piece?

Completely besides the point, but isn’t it unnecessary to use ”TFA” in this instance? Personally I’m not at all offended by strong language, but it just seems hostile for no reason.

Re: The wildest insurance fraud scheme in Texas

#30

I don't want to read a novel before being able to understand what this is about. At least the article could provide a quick glimpse at what the fraud scheme is. I kept reading for 5-6 minutes and then lost interest.

It's Texas Monthly. Whatever it's about, it'll be a well-written true story about outlandish characters that's worth your time.
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