The operation of the largest fraud in US history was fairly simple. Bernie Madoff deposited all his investors’ money into his Chase bank account and paid them off as necessary. At its height his account balance was over $5 billion. The scheme collapsed when he ran out of money.
In 2015, Neil Moore, a prisoner serving time for a $2.7 million fraud conviction, walked out the front gate of a high security prison by forging his own release papers.
Executives at McGraw Hill were curious to find out why their accountant was on television racing a Mclaren F1 GTR, chartering Concorde trips and showing up to work in a Ferrari. Turns out he had been embezzling £2.8 million from them the past 5 years since he was recruited.
A man created a fake restaurant that became the #1 restaurant in London. On opening night he served microwaved food. Eventually, he got sick of being interviewed about it. So he sent people that looked like him to the interviews, and told them what to say.
John C. Beale pretended to be a CIA secret agent, flew around the world on first-class flights, stayed in high-end hotels and cost the taxpayers almost US$900,000.
In 1840’s New York, a man would walk up to strangers, acting as an old acquaintance. Gaining their trust, he asked, “Have you the confidence to trust me with your watch until tomorrow?” He would never return. When arrested, he was dubbed the “Confidence Man”, the origin of the term “Con Man”.
Charles Ponzi, the creator of the Ponzi scheme, received Christmas cards from some of his investors and requests to invest money while he was in prison.
William James Clark, a two-time felon, was able to take command of the I-40 Bridge Disaster scene for two days by impersonating a US Army Captain. After a briefcase belonging to an actual Army captain was recovered from the river, William took possession of it and contacted the officer’s widow on multiple occasions. On May 28, 2002, he obtained the use of several motel rooms in Van Buren, Arkansas, by representing that he was an Army captain and assuring motel management that other government officials would pay the tab, which eventually totaled $900. That same day he obtained $464.26 worth of provisions from an Army surplus store in neighboring Fort Smith, Arkansas, by telling store employees that he was an Army captain who needed the supplies for the rescue effort. The following day he appeared in uniform and “borrowed” a 1997 pickup truck from a dealership in Searcy, Arkansas, telling the owner that he needed it to transport supplies to the rescue workers in Oklahoma. He failed to return the truck as promised.
John C. Beale, a man who pretended he was a CIA secret agent, flew around the world on first-class flights, stayed in high-end hotels and cost the taxpayers almost $900,000.
In 1904 a woman borrowed $5 million dollars from US Banks because people thought she was Andrew Carnegie’s illegitimate child. She wasn’t.