Mikey P
Administrator
yeah, my wife's parents are still there.
I rode through last February.
I rode through last February.
One thing that amazes me....how the hell did he know all of this stuff at 16-18 years old???
There is a certain innocence and naivete that the very young to the business world have. What happened to him? Someone had to have taught him how to use the system in this way. I could see it if he was in his 30's or 40's, but he was a baby when he started doing this! Someone passed this "knowledge/skill" on to him.
Take care,
Lisa
Definitely must have been an "invisible hand" working behind the scenes. That world is pretty closed to outsiders and in 1987 it was a tiny group of white country clubers.
I disagree.. I have some friends that were absolutely cut from the same stone. Having the "stones" to do business
that way at a very young "just out of highschool" age. They were not guided by some white country clubbers but their own
willingness and "wantingness" of making money, ANY way they could...some people have that in them.
Oh yeah Zee, he obviously is a shameless con and good at it, but a 15-16 year old kid just doesn't "know" how to pull off the crap he did. Someone had to show him the ropes...who knows about Ponzi schemes, kiting checks and going public as a 16 year old with a carpet cleaning biz out of their parents garage? Some other articles mentioned he may have had mafia clientele...now that would explain where he learned that at such a young age....
Does he remind anyone else of Crazy George?
Take care,
Lisa
This is an old post/thread but---Almost everyone learns to kite checks---until they start bouncing...
In the late 80s in the bicycle business I built lines of credit of around 700k. I never had audited statements. After my divorce I still had credit lines of 700k and no assets. If you paid your bills on time and smoozed your credit managers it did not take long to build credit in an industry.
The banks could not verify your reported income tax statements with the IRS until the 90s. I have an electrician friend that was reporting 10-12k per year in income to the IRS and 70-80k per year to the bank. He lived in a very nice house had a couple of nice cars, a boat etc.
Credit reporting and sharing between banks and lenders was not like it is today.
Yes--if he had had a balance sheet audit by the IRS he would have been toast.If he were to get auditted he would’ve been hosed.
Yes--if he had had a balance sheet audit by the IRS he would have been toast.