The Ocean's 11 Of HELOC Fraud

Fortune has a great profile on the “Ocean’s 11″ of HELOC fraud. Armed with just laptops and cellphones set to the right area code, he and his crew would drain home-equity lines of credit from unsuspecting homeowners accounts, piecing together enough of a profile on them from publicly available information to break through their account security. At his peak, he was pulling down millions a week, operating out of fancy hotel suites and drinking heavily from an endless stream of high-end liquor, jewelry, and prostitutes. And despite the FBI’s best dragnet efforts, he still remains at large today.

The king of home equity fraud [Fortune]