Advice From a Fraudster – White Collar Crime and Criminals

“A common mistake made by victims of white collar crime is “unexamined acceptance.” No financial information received from any source should be taken for granted as being truthful and accurate without any critical analysis.”

Written by:
Sam E. Antar
(former Crazy Eddie CFO and a convicted felon)

White collar crime is a crime of persuasion and deceit. Since the white collar criminal uses persuasion and deceit to commit their crimes, it follows that such felons are artful liars.

People often ask me what characteristics I look for in other people that alert me to possible criminal activity or at least unethical and deceitful people.

Not all questionable conduct is illegal. A person can be unethical or deceitful (however they are defined) without committing any illegal acts as defined under the law.

However, most criminals use tools like spinning (see below) in the conduct of their crimes.

The Art of Spinning:

Sell people hope. My cousin ‘Crazy Eddie’ Antar taught me that “people live on hope” and their hopes and dreams must be fed through our spin and lies. In any situation, if possible, accentuate the positive.

Make excuses as long as you can. Try to have your excuses based on at least one truthful fact even if the fact is unrelated to your actions and argument.

When you cannot dispute the underlying facts, accept them as true but rationalize your actions. You are allowed to make mistakes as long as you have no wrongful intent. Being stupid is not a crime…

My advice to the accounting profession, antifraud professionals, and Wall Street:

Do not trust, just verify. Verify, verify, and verify.

White collar criminals build a wall of false integrity around them to gain the trust of their victims.

White collar criminals measure their effectiveness by the comfort level of their victims.

White collar criminals consider your humanity, ethics, and good intentions as a weakness to be exploited in the execution of their crimes.

White collar crime can be more brutal than violent crime, since white collar crime imposes a collective harm on society.

No criminal finds morality and stops committing crime simply because another criminal went to jail.

We created artificial wealth, then we borrowed against it, and finally we spent it. When the artificial wealth disappeared, we had an implosion.

Our late and great former President Ronald Reagan used to say:

“Trust, but verify.”

As a convicted felon, I advise you:

“Don’t trust, just verify.”

“Verify, verify, verify.”

As a criminal, I considered people’s humanity as a weakness to be exploited.

The inclination to trust first and then verify, gave me the upper hand.

The criminal always has the initiative.

While you initially trust us, we work on ways to solidify your trust before you verify.

Hopefully, you will never verify.

However, by the time you get around to verifying, your skepticism will be corroded by our charm.

Therefore, when you ask questions, you will accept our deceptive answers as fact.

A word of advice from this convicted felon to the capital markets, securities analysts, journalists, the accounting profession, investors, and others, “The word ‘trust’ is a professional hazard you must leave at home before you go to work.”

While you hope, criminals prey…

My cousin Crazy Eddie Antar taught me that “people live on hope.” As white collar criminals, we preyed on your hopes and dreams by feeding you our spin and lies.

Investors demand confident leadership and strong financial performance from company managements. They want to hear management exuding confidence about their company’s future business prospects. Eddie and I built an image of strong and confident leadership by promising investors a prosperous future backed up by our phony financial reports.

As criminals, we considered the humanity of investors as a weakness to be exploited in the cold-blooded execution of our crimes. We measured our effectiveness by the comfort level of our victims.

My cousin Eddie and I built walls of false integrity around us to gain the trust of our victims. We claimed that Crazy Eddie’s accounting policies were “conservative.” In addition, we gave huge sums of money to charity and were involved in many popular social causes in an effort to make investors comfortable with us. While we were in effect, “helping old ladies cross the street,” we were heartlessly executing a massive fraud that wiped out the life savings of thousands of investors and ultimately caused a few thousand people to lose their jobs.

Eddie Antar and I never had a single conversation about morality or right and wrong. We simply did not care about the victims of our crimes. Our conversations only focused on the successful execution of our cold-blooded schemes to defraud investors.

At Crazy Eddie, we committed our crimes simply because we thought we could execute them successfully. We took advantage of investor’s hopes, dreams, and aspirations for a better future. More importantly, we fully exploited investor’s lack of skepticism that resulted from the wall of false integrity we built around ourselves.

Hope is a fine human quality that motivates us to build a better future. Unfortunately, criminals consider your hope as an exploitable weakness to aid them in the successful execution of their crimes.

Do not get mesmerized by neatly packaged story lines and well researched sound bites written by professional high paid media consultants. Criminals know how to “talk the talk and walk the walk” as they inspire you with false promises of a prosperous future…


17 Responses to “Advice From a Fraudster – White Collar Crime and Criminals”
  1. Ron Moss says:

    I feel exploited and tianticanozes to the point I will swear to run for the house of forewclosure maybe i will qualify by next year after a flushing vomiyt

  2. Bust them! says:


  3. Linda Venturella says:

    The Bankster crooks and the Wall Street crooks have been allowed to steal what are supposed to be our fundamental rights under the Constitution, LIFE,LIBERTY, and the PURSUIT OF HAPPINESS. The AMERICAN DREAM. They have been allowed to do this in many cases without due process. Isn’t this a violation of our Constitutional rights as American citizens. Isn’t this what the founding fathers worked so hard to protect us from in the Declaration Of Independence? Come on ,President Obama, this is a NATIONAL DISGRACE.

  4. Bill McConnell says:

    “GREEKS WHO BEAR GIFTS” BEWARE OF THE FRIENDS OF THE BANKS i.e. your congressperson and senators!
    We ALL need to be very careful here.
    WASHINGTON house and senate rushed through a bill in the dark of night that could have made foreclosure easier for the banks.
    The ONLY way we learned of it was when the media let the cat out of the bag and exposed this effort.
    We need to be ever more vigilant once the politicians and the bankers get cozy post election day and its business as usual. Remember, this is STILL the United States government we are dealing with. Remember the help they generously gave to the American Indians in the late 1800’s. They (our POLITICIANS who are owned by the BANKS) are still capable of doing this to the American home owner if we allow them!

    • Collene says:

      I hear ya Bill. MA AG Martha Coakly and the Division of Banks should be investigated. I have copies of the complaints and evidence I had sent to them and they ignored. The DOb told me to send all documents to back up our complaint and I was later told by an employyee that there was too much evidence to read and he is not a damn accountant. The response from the bank was based on the fraudulent info reported to the bank by a corrupt employee. I sent copies of over 100,000 in payments that were never credited. Our loan should have been paid off. In July 2003 I sent a payment that paid us thru the year and the employee held onto it and filed for foreclosure on 8/04/03 after the bank was bought out on 8/01/03. Too long of a story and that is only 1 of them. We ended up getting a loan thru a predatory lender for a foreclosure bailout which we were never in arrears and you will not believe what happened with that. I need an ethical person who has a voice that will be heard to expose our story. Any advice?

  5. Julie says:

    I was curious, we are currently going thru HAMP. However, our loan is not a Freddie/Fannie. Therefore, wouldn’t it be safe to say the loan does not qualify or the investor (Wells Fargo, who has assigned it to NW Trustee Services in Bellevue, WA (Ruth, Crabtree and Olsen), have now assigned it to EMC Mortgage Corp. I called EMC, gave them my social security number and loan number with Wells Fargo and nothing came up on their records. I find that to be very interesting.
    Our home is in foreclosure with a sale date coming up within the next couple months. Not to mention my home went thru a Ch-7 BK in 2004, in which case my attorney never re-affirmed the loan and I am certain the true benficiary has been paid off by some insurance and I really am not sure I have been paying the true party of interest. I am going to take this to a judicial setting to see what sort of discovery may or may not arise. I am willing to bet money it is all Bogus/Balderdash!

    • audry says:

      Insurance companies paying off loans is more comman than we think. It is actually a common practice. It is another way they systemically steal homes from the citizens of this country. It is known and sanctioned by officials. Your not crazy!

  6. Tim Better says:

    I think some of the challenge in getting the right advice can be getting the best advisor!!! If you do not gel with the person that is providing advice, and they do not get your needs, it just won’t work. That’s the reason that I feel that it is such an issue with people using call centres or price comparison sites looking for advice on money. Face to face in my view should be the only method.

  7. Treasury Department’s Mortgage Modification Programs

    Minority Staff Report U.S.
    House of Representatives 111th Congress
    Committee on Oversight and Government Reform

    “These federally-imposed mortgage modifications are a questionable use of taxpayer resources and they have failed”

    “In its current form, HAMP both hurts homeowners who might otherwise spend their trial-period mortgage payments on rent”

    “HAMP has failed”

    “HAMP may actually hurt more homeowners than it helps”

    “These homeowners would have been better off if they had defaulted earlier and spent the payments on more affordable housing options”.

    HAMP – Treasury Department’s Mortgage Modification Programs – A Failure Prolonging the Economic Crisis


    • Joe says:

      How does HAMP work if no one owns the note?
      The Note was sold asap to the Wall Street securities firms and derecognized off the lenders books.

  8. Okiefrommuskogee says:

    The BEST message ever…

Check out what others are saying...
  1. […] No referring link […]

Leave a Reply

Your email address will not be published. Required fields are marked *