Rogue Real Estate Agent Commits Massive Fraud to Pay for Losing Bets
Feb 13, 2012
A well-known real estate agent steals over $700,000 from friends and business partners to pay for gambling.
Jacky M. used to be a high rolling real estate agent even after the housing market collapse. He also became obsessed with casino games and often missed Blackjack Signals while playing drunk at local casinos. As he had many faithful and naive friends and investors, he had no problem raising money for real estate deals which… he never actually pursued.
Instead, the man just played mindlessly and without a sense for the game. To further raise funds for his losing black jack strategies, Mr. M. kept on persuading new investors, and pub buddies, to invest. This way he was able to repay old investors and borrow from new ones to continue to go on with gambling for years.
As it seems, the infamous Bernie Madoff wasn’t the first one to come up with the scheme, which has been known for a long time as the Ponzi scheme.
Free housing for the crook
Now, the taxpayers will get a bad investment from Mr. M., who pled guilty to multiple charges including theft, mortgage fraud, anti-money laundering, and tax evasion, and will spend just 2 years in the federal prison. As the real estate agent stated at sentencing, he always thought that he will be able to repay the loans.
As rumored, the realtor already inquired if the prison’s library holds any of the best blackjack card counting books available as he doesn’t want to make the same mistakes over and over again. Good luck!
Tags: Bernard Madoff, Bernie Madoff, Charles Ponzi, Confidence trick, Confidence tricksters, Crime, Deception, Economics, Ethics, Fraud, high rolling real estate agent, NASDAQ, Ponzi scheme, real estate agent, real estate agent steals, real estate deals, USD