http://forums.etopps.com/etoppsForum/topic.asp?TOPIC_ID=100744
laundering money through etopps :roflmao:
laundering money through etopps :roflmao:
260 eBay accounts? good read
- Thread starter sliqwill
- Start date
Brad
Bench Warmer
cliff notes for those of us who do not have an account?
:doh: forgot you needed one...
from the guy who runs cardtarget....
Since the guy is in jail now I can tell you what happened.
He opened about 8 new CardTarget accounts in early 2008 and began buying like crazy. Bought something like $50,000 in cards through CardTarget in a 6 month period. We noticed that he was buying cards through CardTarget and then selling them almost immediately on eBay. Looked sketchy, so we emailed him and asked about it. At this point we didn't realize it was 8 different accounts with 8 different names, 8 different paypal accounts, etc... Then one day we got about $1200 in paypal chargebacks from one of his accounts and started looking a whole lot closer at what was going on.
What he was doing was laundering his money through eTopps cards and other sports cards. Taking people's money on paypal for legit eBay purchases - never sending the merchandise - using that money to buy expensive eTopps cards - selling them under a different eBay ID and accepting payment through a different paypal account. For the most part his eTopps dealings were "legit" in that not too many people got screwed here... because he was using the eTopps community to launder over $700,000 in cash. The figure in the article was $717,000 but considering I was never contacted by police regarding this issue I'm sure that's just the tip of the iceberg.
We informed Topps of this immediately once we figured out what was going on but it took us several weeks to really get to understand how big a scam the guy was running. We filed several police reports in Virginia where CardTarget is based and in Florida where the guy lived.
Overall CardTarget had "chargebacks" in the $9000 range after all was said and done. Paypal shut down at least one of his fake accounts fairly quickly.
The amount of effort that went into this scam was absolutely crazy. He covered his tracks using a different IP address for every CardTarget account (he would use computers at Kinkos, computers at libraries, etc). The addresses on all of the paypal accounts and credit cards were fake PO boxes in the names of Florida shell corporations.
We feel fortunate to be only out a reasonably small amount considering how much he scammed overall. The good news to come out of this is that we spent a LARGE amount of time and effort reviewing our security measures, deposit standards, credit card acceptance standards, IP address tracking, and CardTarget is much more secure because of this fraud. Sometimes it takes a scare to show you how little you know.
and a seperate article on the guy...
http://www.patrickpretty.com/2009/1...orate-scam-that-bilked-717000-from-customers/
from the guy who runs cardtarget....
Since the guy is in jail now I can tell you what happened.
He opened about 8 new CardTarget accounts in early 2008 and began buying like crazy. Bought something like $50,000 in cards through CardTarget in a 6 month period. We noticed that he was buying cards through CardTarget and then selling them almost immediately on eBay. Looked sketchy, so we emailed him and asked about it. At this point we didn't realize it was 8 different accounts with 8 different names, 8 different paypal accounts, etc... Then one day we got about $1200 in paypal chargebacks from one of his accounts and started looking a whole lot closer at what was going on.
What he was doing was laundering his money through eTopps cards and other sports cards. Taking people's money on paypal for legit eBay purchases - never sending the merchandise - using that money to buy expensive eTopps cards - selling them under a different eBay ID and accepting payment through a different paypal account. For the most part his eTopps dealings were "legit" in that not too many people got screwed here... because he was using the eTopps community to launder over $700,000 in cash. The figure in the article was $717,000 but considering I was never contacted by police regarding this issue I'm sure that's just the tip of the iceberg.
We informed Topps of this immediately once we figured out what was going on but it took us several weeks to really get to understand how big a scam the guy was running. We filed several police reports in Virginia where CardTarget is based and in Florida where the guy lived.
Overall CardTarget had "chargebacks" in the $9000 range after all was said and done. Paypal shut down at least one of his fake accounts fairly quickly.
The amount of effort that went into this scam was absolutely crazy. He covered his tracks using a different IP address for every CardTarget account (he would use computers at Kinkos, computers at libraries, etc). The addresses on all of the paypal accounts and credit cards were fake PO boxes in the names of Florida shell corporations.
We feel fortunate to be only out a reasonably small amount considering how much he scammed overall. The good news to come out of this is that we spent a LARGE amount of time and effort reviewing our security measures, deposit standards, credit card acceptance standards, IP address tracking, and CardTarget is much more secure because of this fraud. Sometimes it takes a scare to show you how little you know.
and a seperate article on the guy...
http://www.patrickpretty.com/2009/1...orate-scam-that-bilked-717000-from-customers/
pgwtamu
Bench Warmer
im not smart enough to pull that off.... just crazy
onyxdragon5977
Massive Jackson Stalker
That's just freaking crazy. Smart guy, but what a dumbass.
every idea is great, until you get caught :salut:
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