More is Less

Deep down, criminals believe that they deserve more. Whether they want more money, another luxury vehicle, expensive jewelry or a fancy lifestyle, their selfish desire to claim more out of life than they deserve usually leaves them with less in the end. The Smyrna-Vinings Patch reports on a man who wanted more money and went about his desire by illegally claiming more than $5 million in bogus tax refunds.

The story states that the 38-year-old man used the identities of unsuspecting victims to file approximately 5,000 fraudulent tax returns for more than a year. He enticed his victims by telling them they could earn a “stimulus payment” or “free government money” by providing their names and Social Security numbers (SSN). He gathered his information through word-of-mouth marketing and also through using toll-free telephone numbers to collect personal identifying information. (Always think twice before giving out your SSN – and never provide it over the phone.)

The personal information was used to file tax returns requesting millions in bogus refunds. He claimed false income amounts and student credits to make the claims and had the Internal Revenue Service (IRS) deposit the refunds into multiple bank accounts, which he controlled. (The story also states that seven bank accounts containing more than $4.1 million from this scheme were seized by the U.S.)

The fraudster was taken into custody after being convicted on 16 counts each of wire fraud, identity theft, filing false claims and two counts of money laundering. (There’s a good chance he will have to forfeit the money stashed in his bank accounts.)

As this criminal awaits sentencing, he might be thinking that he deserved the money he stole from honest taxpayers. (What he really deserves is a lengthy prison term where he can think about his selfish actions.) It won’t be long until he has to face the reality that having more of what you don’t deserve often leaves you with less in the end.

The post More is Less appeared first on Fraud of the Day.

Rob Port is the editor of SayAnythingBlog.com, a columnist for the Forum News Service, and host of the Plain Talk Podcast which you can subscribe to by clicking here.

Top