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The bank lent me $2m so I spent it on strippers and cars

bbc.com

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Re: The bank lent me $2m so I spent it on strippers and cars

#31

Post by selectodude »

rayiner wrote: post #26
kw71 wrote: post #18

Earlier quoted context omitted.

His conviction is quashed.

In the US, you have to disclose every arrest, criminal proceedings, etc. along with all debts, so this would come out. And they can can deny you for things that aren't convictions. That said bar examiners like a good human interest story as much as anyone else. A former bank robber got admitted to the Washington bar last year after he started doing Supreme Court appellate work while behind bars.

If he had committed a crime, that would be one thing. Taking advantage of a free spigot of money though, that would get him fast tracked as far as the bar is concerned.

Re: The bank lent me $2m so I spent it on strippers and cars

#32

Post by bryanlarsen »

coldtea wrote: post #22
devoply wrote: post #6

Apparently he had all his fun in 2 months.

2 years. More than most people of his age (or much older ages) get to have.

From the story, the first few months were legitimate, and then the next 12 months were just mortgage payments and only the last few months were crazy partying.

Re: The bank lent me $2m so I spent it on strippers and cars

#33

Post by bryanlarsen »

IshKebab wrote: post #28
jlebrech wrote: post #5

they weren't charging him interest? if so, why waste money on things that don't yield a return on investment. you could day trade and just put it back in the account. and that way you probably wouldn't get arrested.

I'd buy some gold bars, hide them and say I spent it on strippers and drugs. It's not like you'd keep receipts for that.

That would have crossed the line from being just immoral to being illegal. Not buying the gold bars, but failing to disclose & surrender them during court proceedings.

Re: The bank lent me $2m so I spent it on strippers and cars

#36

Post by jlebrech »

bryanlarsen wrote: post #33
IshKebab wrote: post #28

Earlier quoted context omitted.

I'd buy some gold bars, hide them and say I spent it on strippers and drugs. It's not like you'd keep receipts for that.

That would have crossed the line from being just immoral to being illegal. Not buying the gold bars, but failing to disclose & surrender them during court proceedings.

it would be pretty obvious when the transactions were checked too, most of them would be for the value at the time of a gold bar.

Re: The bank lent me $2m so I spent it on strippers and cars

#38

Post by Pigo »

yomly wrote: post #24
scandox wrote: post #20

The big story for me here is: don't rely on your lawyers. Not unless they cost enough to rely on. Form a strong idea of your own case and your own defense. Even if you're not representing yourself.

Yep this is my takeaway from the story. I will not be sad when AI automates away the majority of the legal industry. Really really terrifying that one's access to justice is dependent on their access to finances. Luckily this guy was smart enough to actually represent himself - credit to him for that!

This has been my reason for being against the death penalty for many years. It's hard to justify when the OJ's of the world get a pass due to wealth or celebrity.

I never thought of AI being used in this capacity. Seems like we'd live in The Day The Earth Stood Still world, giving the automatons the jurisdiction to meat out justice.

Re: The bank lent me $2m so I spent it on strippers and cars

#39

Post by patrickdavey »

jlebrech wrote: post #36
bryanlarsen wrote: post #33

Earlier quoted context omitted.

That would have crossed the line from being just immoral to being illegal. Not buying the gold bars, but failing to disclose & surrender them during court proceedings.

it would be pretty obvious when the transactions were checked too, most of them would be for the value at the time of a gold bar.

I would set up a trust in the British virgin islands or Cayman's, transfer the money out there and maybe set up another trust to transfer into if that one was discovered. He was spending the money on strippers and cocaine, no receipts required.

Not that I'd do it mind, but I think that'd be a way to get away with it. Reasonable ROI even if you do go to jail for a year or two ;)

Read "treasure islands" sometime. Fascinating.

Re: The bank lent me $2m so I spent it on strippers and cars

#40

Post by jdavis703 »

dalore wrote: post #27
rsp1984 wrote: post #25

I'm surprised that the article isn't answering the obvious question and that nobody here is asking it either: Did he have to pay back the 2 million?

If you borrow $2k from the bank and can't pay it back, that's your problem. If you borrow $2 million from the bank and can't pay it back, that's the bank's problem.

It's actually called fraud, at least in the US, and will be investigated by the Secret Service. If you experience such a windfall in your account, seek written permission from the bank before spending any of the money.
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