Author Topic: FIRE and a life of crime  (Read 3852 times)

sol

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FIRE and a life of crime
« on: June 22, 2012, 06:03:14 PM »
Check out this story about a US citizen who took cash advances against all of his credit cards, and then fled the country.  He got $100k in cash and "retired" to parts unknown to live off of his ill-gotten gains.

The best part?  The financial advisor writing the article basically tells him to wait until the statute of limitations expires on his debt, perhaps as early as three years after splitting, and then he can come back to the US without any worries.

Is this really a viable life strategy?  Steal money from credit card companies, live large in a banana republic until the paperwork clears, come back and rinse and repeat?

arebelspy

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Re: FIRE and a life of crime
« Reply #1 on: June 22, 2012, 08:13:51 PM »
Stealing* is always a viable strategy.

Just not necessarily an ethical or desirable one.


*That may or may not be the case with the person from the article, but a systematic plan to do so over and over definitely is, IMO.
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sol

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Re: FIRE and a life of crime
« Reply #2 on: June 22, 2012, 08:44:43 PM »
I'm amazed it took 35 thread views before anyone was willing to comment on this. 

I think there are 34 people who just found a new retirement plan.

MrSaturday

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Re: FIRE and a life of crime
« Reply #3 on: June 23, 2012, 12:31:57 AM »
I would think they could get a judgement in abstensia, so the statute of limitations wouldn't apply.

Also I don't think getting back into the US is going to be as simple as waiting out the statute of limitations.  When those accounts are charged off they'll be reported to the IRS as income, and I'm assuming someone looking to defraud the banks isn't going to be paying taxes.

gooki

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Re: FIRE and a life of crime
« Reply #4 on: June 23, 2012, 01:50:22 PM »
Is it stealing when you take money given to you?

Credit responsibility is a two way street.

PS I haven't read the article yet.

velocistar237

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Re: FIRE and a life of crime
« Reply #5 on: June 23, 2012, 02:16:27 PM »
Crime pays, just not very well.

Is it stealing when you take money given to you?

Not given, but lent. It belongs to someone else, so yes, stealing. This is why debtors' prison used to exist. It doesn't exist anymore because it's really counterproductive.

I'm surprised the columnist doesn't refer the asker to a lawyer.


MrSaturday

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Re: FIRE and a life of crime
« Reply #6 on: June 23, 2012, 04:02:36 PM »
Is it stealing when you take money given to you?

It's actually fraud, not theft.  So you'd go to federal prison instead of state.