[ale] [Fwd: Employment Advert] New Scam!!!

Mon May 14 08:56:50 EDT 2007

Having been a victim of the "intended" reason fro this rule I think I'd
be happy to keep it in place and let people that don't know "something
that is too good to be true probably is" be burned by their own greed.

Prior to the rule banks could do things like hold checks and claim they
were NSF after the fact.   I once worked for a company where several
successive paychecks were suddenly declared NSF all at once and returned
to my bank where I'd foolishly deposited them.   Why would a bank do
this you ask?  Because the company had a mortgage and a payroll account
at the same bank.   They were in arrears on the mortgage so their bank
simply waited until they'd deposited enough funds in the payroll account
(over a period of a few months) then used a little known law called
"right of offset" and transferred all those funds from the payroll
account to pay off the mortgage arrears.   Once they did that they were
free to send all the checks back as NSF despite the fact they had
previously accepted them from the clearing house without comment.

The law that changed how quickly banks must process checks was a good
thing because it prevented abuses like the above which were common in
the 80s.  They even require target banks of scams to report fairly
quickly so you don't find out a year later but somewhat more quickly
when you've been a victim of such a scheme.

________________________________

From: ale-bounces at ale.org [mailto:ale-bounces at ale.org] On Behalf Of
To: ale at ale.org
Brian Stanaland
Sent: Friday, May 11, 2007 10:57 PM
To: Atlanta Linux Enthusiasts
Subject: Re: [ale] [Fwd: Employment Advert] New Scam!!!

In another instance of unintended consequences, banks are obligated by
federal law to either post funds to your account or declare checks
unfunded within a specified number of days.  If the check hasn't been
denied by the issuing bank they have to deposit the money.  When the
check finally gets to the bank and bounces, which it will, YOUR bank
takes the money back. 

Brian

On 5/11/07, Scott Castaline <hscast at charter.net> wrote:

Howard A Story wrote:
> Sounds like.
> http://en.wikipedia.org/wiki/Vladimir_Levin
>
> And there is some sort of IRS un-reportable limit??
>
>
> Bob Toxen wrote:
>> It can take as much as 1-2 months for your bank to discover that a
check
>> that you deposited and "cleared" really is no good and "ask" you to 
>> reimburse the funds.  The fine print in your banking agreements
legally
>> obligates you to this so if you have any net worth at all the bank
will
>> get it.
>>
>> If you resist they may charge you with criminal acts for defrauding
the 
>> bank.
>>
>> If you actually "get away" with such a scam, the IRS then will hunt
you
>> down.
>>
>>
>> Advice:
>> 1. Avoid any such offer to be a middleman in handling funds.  If it 
>>    were legal and easy they either would do itself or work through
>>    a legitimate bank, lawyer, etc.
>>
>> 2. Avoid any "generic" ad of any type.  Note that this one said 
>>    "your state/county/country" rather than "DeKalb County, GA".
>>
>> 3. If it is a legitimate bill, it can be handled via U.S. Mail
>>    for $0.39.  If they need you either it's a scan or you're being 
>>    hired for "Collections," which is a HARD job as the consultants
>>    on this list know.
>>
>> Bob Toxen
>> bob at verysecurelinux.com                [Please use for email to me]
>> http://www.verysecurelinux.com        [Network&Linux/Unix security
consulting]
>> http://www.realworldlinuxsecurity.com [My book:"Real World Linux
Security 2/e"]
>> Quality Linux & UNIX security and SysAdmin & software consulting
since 1990.
>>
>> "Microsoft: Unsafe at any clock speed!" 
>>    -- Bob Toxen 10/03/2002
>>
>> On Thu, May 10, 2007 at 09:46:54AM -0400, Jim wrote:
>>
>>> James P. Kinney III wrote:
>>>
>>>> I got pounded with these last night. 
>>>>
>>>> -------- Forwarded Message --------
>>>>
>>>>
>>> Clark Howard has talked about this one.  Seems you get to cash phony
>>> checks/money orders  and forward the funds to the company.  Then a
while 
>>> later you find out the checks are no good.  That's a real
opportunity
>>> alright!
>>>
>>> Jim.
>>> _______________________________________________
>>> Ale mailing list 
>>> Ale at ale.org
>>> http://www.ale.org/mailman/listinfo/ale
>>>
>> _______________________________________________ 
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>>
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>
uhh according to the article Levin would have been 14 unless my eyes and

math have really slipped in my old age. It says he was born 1980 and he
started this in 1994.
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