My THEO-ry...
<snip> How does a potential scammer/crook/thief open an escrow/closing account with a legitimate well-known nationwide escrow/closing/title (First American Title) company, that requires proof of ID and social security numbers, and proceeds with not only paying the escrow/closing/title company for the escrow fees, closing fees, transfer fees, and title insurance, but also deposits a cashiers check for $2500 into the escrow account, scam the seller who pays nothing and only signs a contract stating their good-faith intent to sell their property and convey title, if the buyer acts in good-faith and completes their part of the transaction. First American Title won't prepare the deed, the deed won't be recorded, and the timeshare won't transfer ownership (at the buyers expense) <snip> Where's the scam? That's all I'm asking, because apparently I'm missing something.
I've tried to think this through myself, based upon prior closely similar events on TUG with a "Judy Boulay" and then later with a "Frank Tesoro". In both instances, these people (originating IP address was in Egypt)shotgunned separate (but identical) emails to
numerous TUG ad posters, all within a day or so of one another. Here's my (admittedly unproven) theory...
1. The closing entity cited has a close, "sound alike" name, but is
not actually the real deal (previously it was Chicago Title, this time it's First American Title). That may be the apparent disconnect you're (understandably) struggling with here, but as it turns out things never get quite that far anyhow...
2. Seller pays closing costs and transfer fees, by "wiring"
upfront closing money to the "broker" (i.e.,
not directly to a closing entity). Conveniently, the "broker" does indeed have a valid bank account set up to receive funds on behalf of the "buyer / client". This money may actually be the
only scammer "profit" in the whole gig. The legitimate closing company with sound alike name is never actually used or ever otherwise directly involved
at all. It's just some orchestrated "name dropping" to help create the illusion of legitimacy.
3. In prior identical attempted scams by "Judy Boulay" and "Frank Tesoro" (it's not known if either is related to the current good "Sister Vincentia Goeb"), there actually
was a paper payment check (
for $2,500) sent directly to the seller; postmark origin was somewhere out west, if I recall that detail correctly. The check was of course completely bogus, but looked real enough on its' face. Further inquiry revealed that the "dupe" check was a good quality photocopy of one known to have been previously stolen from a bank or credit union somewhere within the U.S. Payee name was then altered for direct "payment" to the would-be seller.
4. No deed ever got prepared, no transaction got as far as requiring proper identification or SSN, no actual transfer of ownership ever took place --- or ever came
near to taking place. It would seem that the scam amount was confined to the closing costs being paid in advance by the seller directly to the bogus "broker", to go toward an "escrow" that never actually took place. POOF! Color the "broker"
and the money
GONE.
It's a bit hard to believe that someone would undertake all these gyrations and gymnastics to scam just a few hundred bucks, but a few hundred bucks multiplied by numerous
suckers sellers could add up to real money to someone of modest means located in a foreign country, investing only time (i.e., no money) --- and who clearly can't and won't ever be successfully traced, identified, caught, or prosecuted.
Anyway, that's my "THEO-ry" and I'm reasonably certain that it is indeed correct.
:hysterical:
)
