Friday, March 30, 2007
Casey Serin No Stranger to Pyramid Schemes
At long last, I've finally stumbled across Casey Serin's original Chain Letter, written when he was just 14 (it's from February 8th 1997, he was born September 10th, 1982). When he says he has "business experience", he's not joking! Ten years of creating pyramid schemes, apparently. This is why the "cash out at close" "fix 'n' flip" scam was a no brainer. He takes out a zero-down stated income loan, ignores the interest rate since he has no intention of paying back every dirty penny, gets cash back greater than the legal limit. The cash back is used to fund real estate seminars (undoubtedly to discover better ways to game the system and extract cash, also known to him as "standard industry practices"), jamba juice, a hawaiian vacation, and trips to see his various properties (with as little "fix" of the flip as possible). Like a man buying more chips at a craps table, the cashback is inevitably not enough (as he quit his potentially lucrative job as a PHP programmer), and this is where he commits his critical mistake. A true con man would realize that foreclosure is an inevitability and would take the next plane to Mexico or Uzbekistan. However, like the famous Charles Ponzi, he believed in his own scam, and like a moth to the flame, clings to the limelight as much as possible. So he starts grabbing money from "private lenders" (read: loan sharks) like CashCall. The mistake is that you can't "return the keys to the bank" with this company. They will get a Writ of Execution and take all his stuff, and if he's not careful, all his wife's and sister-in-law's stuff as well. In short, Casey Serin is nothing but a pyramid schemer, and a bad one at that, who got bitten by the narcissism bug of 21st century internet celebrity. A Con Artist knows when to move on, but he fell into the seduction of YouTube and blogging somehow thinking that exposing his own gross incompetence was a way to cash in. Whether or not he can make money off his notoriety like Monica Lewinsky or OJ Simpson by writing a book remains to be seen.