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Old 04-04-2012, 02:19 PM   #1
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Bank taken for a $370,000 ride on phantom RV

The article leaves you wanting to know more!
Like, what happened to Ott? Is he on a dealers lot near you?

http://www.jsonline.com/blogs/news/145845465.html
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Old 04-04-2012, 02:40 PM   #2
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WOW! That's quite a story.....!! I kind of actually feel bad for the bank in this case....a very rare event, but really bad for the bank!
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Old 04-04-2012, 03:23 PM   #3
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I dont feel bad for them.. 2006 was the time when banks were throwing money at anyone who walked in the door.. now look at what a mess we're in...
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Old 04-04-2012, 03:54 PM   #4
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I saw a study done one time, can't remember now who did it, but one of two questions were posed to a cross section of people on the street:

1) If an ATM dispenses an extra $100 for you, do you keep it?

Overwhelming majority (almost everyone asked) said yes, they would keep it.

2) If you found a wallet with an ID and $100 cash in it, do you keep the cash?

Overwhelming majority (almost everyone asked) said no, they'd try to contact the person and return it.

In reality, to keep the cash in either scenerio is wrong. It is stealing; taking something that does not belong to you.

Midniteoyl above shows this common (majority?) feeling in his reply. In essence, the banks have been sticking it to us for so long, most people don't care what happens to them. Most people have no compunction about keeping a bank error in their favor. Some folks may even hold the guy the OP's link was about as a sort of folk hero for what he did.
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Old 04-04-2012, 04:23 PM   #5
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Wonder what "fees" they will come up with to make up for this loss?
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Old 04-04-2012, 04:24 PM   #6
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Quote:
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I dont feel bad for them.. 2006 was the time when banks were throwing money at anyone who walked in the door.. now look at what a mess we're in...
Yes, I can agree about that, but this was absolutely deliberate fraud and material misrepresentation by the individual. Yes, much like the fine print many people didn't read in their mortgage agreements during those times, but at the very least it makes the guy as bad as the banks....and it is true, that is outright theft that he committed.
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Old 04-04-2012, 04:58 PM   #7
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You know.. Normally I'm not a big fan of the banks.

But I hope OTT is apprehended, charged, convicted, and asked to serve a number of days equal to the dollar amount of his fraud.
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Old 04-04-2012, 08:51 PM   #8
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Just don't give the bank CEO all of his overstated bonus and it will cover the $370K easily.

Ken
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Old 04-04-2012, 09:38 PM   #9
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Regardless of how we feel about financial institutions, this guy is nothing more than a thief. A greedy dirtbag criminal that would steal from any one of us. I hope he is apprehended and spends a long, long time incarcerated with scum just like him. One way or another, we all pay the price for crime. Grrr...

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Old 04-04-2012, 09:57 PM   #10
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you have to admire these types of fraud schemes. Here is a guy with a successful business and yet he is still a dirtbag thief.
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Old 04-04-2012, 10:01 PM   #11
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I wonder how the next person is going to be treated by that bank when they go in for a MH loan
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Old 04-05-2012, 12:06 AM   #12
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There is no free ride. If a bank looses money they will pass the loss onto customers thru service fees. A crook is a crook, a thief a thief. Doesnt matter if he takes your money or the banks. He should be in jail. Although its an expensive lesson for a bank.
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Old 04-05-2012, 04:10 AM   #13
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Quote:
Originally Posted by Jupiter View Post
Regardless of how we feel about financial institutions, this guy is nothing more than a thief. A greedy dirtbag criminal that would steal from any one of us. I hope he is apprehended and spends a long, long time incarcerated with scum just like him. One way or another, we all pay the price for crime. Grrr...

cheers,
Jupster
Absolutely.
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Old 04-05-2012, 07:38 AM   #14
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Quote:
Originally Posted by Jupiter View Post
Regardless of how we feel about financial institutions, this guy is nothing more than a thief. A greedy dirtbag criminal that would steal from any one of us. I hope he is apprehended and spends a long, long time incarcerated with scum just like him. One way or another, we all pay the price for crime. Grrr...

cheers,
Jupster
+1

This guy is scum, and needs to go to jail. The 'stick it to the bank' crowd doesn't think it through to conclusion, in my opinion. Corporations pass losses on to their customers. It's what they do. The guy who pulled off this scam didn't really steal from the bank, he stole from the bank's customers. He just did so in an indirect way.
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