Posts Tagged ‘Crazy Eddie’

The Art of Spinning: How to Identify Possible White Collar Criminals or at Least Unethical and Deceitful People Who You Should Avoid

Sam wrote this timeless piece a few years ago but searched it out specially for us. For non-criminal types, this article is pretty depressing, but if you feel entangled in one of these criminal-non-criminal, or unethical-ethical person, relationships, it behooves you to know how the game is played. If you are an aspiring white collar criminal, this essay can be used as a how-to manual. – Ilene 

The Art of Spinning: How to Identify Possible White Collar Criminals or at Least Unethical and Deceitful People Who You Should Avoid

sam antar Courtesy of Sam Antar 

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.
  • Always say in words you “take responsibility” but try to indirectly shift the blame on other people and factors. You need to portray yourself as a “stand up” guy or gal.
  • When you cannot defend your actions or arguments attack the messenger to detract attention from your questionable actions.
  • Always show your kindness by doing people favors. You will require the gratitude of such people to come to your aid and defend you.
  • Build up your stature, integrity, and credibility by publicizing the good deeds you have done in areas unrelated to the subject of scrutiny.
  • Build a


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My Life as a White-Collar Criminal

My Life as a White-Collar Criminal

Courtesy of Sam Antar at White Collar Fraud 

Last Friday evening, Marcia MacMillan from CTV News Channel (a 24-hour news network in Canada) interviewed me and asked me what it’s like to be a white-collar criminal and what role, if any, did morality play in my decisions to commit crime. 

 

You can watch the interview by clicking on this link.

Reflecting on my own white-collar criminal mind leaves no doubt that money is not the only motivating force compelling hardcore criminals to commit crimes.  There was also a passion for the act, a sense of accomplishment, that made me enjoy committing my crimes. It is perhaps the same positive feelings of success that law-abiding citizens experience for a legitimate job well-done.  

To better understand the behavior of white-collar criminals, take morality out of the equation. During my years at Crazy Eddie, we never had a single conversation about the morality of our actions. We did not give a damn about right and wrong.

Hardcore criminals don’t question their unethical and immoral conduct.  Laws, morality, and ethics are weaknesses of other people. They don’t factor in except by limiting society’s behavior. In our society, morality dictates that people are entitled to the benefit of the doubt. Ironically, the “benefit of a doubt” limits the behavior of law-abiding citizens while giving criminals greater opportunity to commit their crimes.  After all, no one likes to be called "a paranoid" or "impolite."  

Our late President Ronald Reagan used to say "trust, but verify." That initial trust gives criminals the freedom to take steps to evade detection.  For example, Joseph T. Wells, founder of the Association of Certified Fraud Examiners, described certain steps I took during Crazy Eddie’s audit to successfully execute my crimes: 

Crazy Eddie’s auditors were provided a company office during their examination. They had a key to lock the desk—which they kept in a box of paperclips on top of the desk in full view. After the auditors left for the day, Eddie’s cohorts would unlock the desk, increase the inventory counts on the work-papers and photocopy the altered records. Were the auditors stupid? No, just too trusting. After all, no one wants…
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No Redemption II

No Redemption II

By Ilene 

(This is part two of my interview with Sam E. Antar. For more, read No Redemption I.)

Sam Antar, former CFO of the criminal enterprise “Crazy Eddie,” gave a lively and educational lecture on white collar crime in Portland to health care fraud investigators yesterday on behalf of the United States Department of Justice. He spoke about Crazy Eddie, white collar criminals, and the investigators charged with bringing them to justice.  In the beginning of the seminar, Sam asked the audience, “Can anyone guess why I’m here?”  A man raised his hand and suggested “because you got caught.” That was apparently the first correct answer to that question in twelve years. 

Sam E. Antar

Here is what else Sam told heath care fraud investigators:

About fraud

“All fraud is basically the same.  All fraud is personal in nature. It’s done on a one to one basis.  Your humanity, ethics, and sense of fairness are weaknesses that we – white collar criminals – seek to exploit.  We have no morality. The more likable and friendly we are, the easier it is for us to commit our crimes. We build walls of false integrity.  You never know who the real person is behind a criminal’s carefully choreographed wall of false integrity. Bernie Madoff had a wall of false integrity around him and the lawyers investigating him at the SEC were enamored by his status. That’s why they didn’t properly follow through on whistleblower Harry Markopolos’s tips about Madoff’s criminal activities. 

“Punishment does very little to prevent crime.  It’s not a great deterrent. Criminals don’t stop because they see other people getting caught. While Bernie Madoff committed his crimes for almost two decades, he saw many other criminal get caught. Did that stop him?

“When I cooperated with the government it was only to save my own skin. I only cooperated with the US Attorney’s Office, the FBI, the SEC, and lawyer representing victims of my crimes because I did not want to bend down to pick up a bar of soap and worry about who was going to be my boy friend.”

Fraud Triangle/Diamond

“Criminologists have identified three common elements to all white collar crime: incentive, opportunity, and rationalization. It’s known as the fraud triangle. In recent years, capability was added as a common element of white collar crime and the fraud triangle…
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No Redemption

No Redemption

"Homo sum, humani nihil a me alienum puto."  Terence

Interview with Sam Antar, by Ilene, part 1.

Crazy EddieSam Antar will tell you all about his crimes, in every last detail, while insisting he is and always will be a criminal, and will burn in Hell for the massive amounts of harm and destruction to lives he has caused. 

My initial reaction was not to believe Sam, being sure, having never spoken with him before, and not knowing much about Crazy Eddie, that Sam was mistaken about burning in Hell. After all, he is now teaching others all about white collar crime and the perpetrators of those crimes. Guilt is such a deadly emotion, and you don’t even have to be aware of it suffer its assaults on your psyche. He’s probably plagued with guilt, I surmised. Which would mean he’s not a sociopath. Of course, I am not a sociopath and have no insight into the sociopathic mind. But I felt eager to learn. Besides, Sam warned me not to believe a word he said.

Before our interview began, Sam shared the basic tactics that white collar criminals use to exploit and scam their victims:

1. White collar criminals consider your humanity, ethics, and good intentions as a weakness to be exploited in the execution of their crimes.
2. White collar criminals measure their effectiveness by the comfort level of their victims.
3. White collar criminals build a wall of false integrity around them to gain the trust of their victims.

At this point, I was feeling comfortable with Sam, admiring his self-insight and commitment to telling the truth.  So when Sam said that by the time he was finished with me, I’d be a paranoid schizophrenic and never trust another man again, I was again thinking he was wrong. Just like the ideal victim type I am. 

Ilene: Sam, you wrote on your website “I am a convicted felon and a former CPA. As the criminal CFO of Crazy Eddie, I helped Eddie Antar and other family members mastermind one of the largest securities frauds uncovered during the 1980s. My responsibilities at Crazy Eddie included skimming, money laundering, insurance fraud, securities fraud, and a list of other criminal activities too long to list here.”  Could you elaborate on what you were doing?

Sam Antar and Crazy EddieSam: Committing white collar…
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The Real Reason Behind Danny DeVito’s Crazy Eddie Movie Project Meltdown from Eddie Antar’s Cousin and Criminal CFO Sam E. Antar

The best way to learn about white collar crime is from a white collar criminal. Sam Antar teaches on the subject, and will warn you, DON’T TRUST ME. – Ilene 

Do not trust, just verify. Verify, verify, and verify. – Sam Antar

The Real Reason Behind Danny DeVito’s Crazy Eddie Movie Project Meltdown from Eddie Antar’s Cousin and Criminal CFO Sam E. Antar

Danny DeVitoCourtesy of Sam Antar at White Collar Fraud 

In an exclusive interview with Mike Fleming from Deadline New York, Producer and Director Danny DeVito whines about how problems in obtaining Eddie Antar’s life rights essentially sunk his Crazy Eddie movie project. However, Danny DeVito does not tell the whole story to Mike Fleming.

Apparently, Danny DeVito wanted to do a story that glamorized Eddie Antar and portray him as some sort of misguided hero. As the other "main character" in our frauds, I will have no part of any production that is sympathetic to any character, including myself, for our heinous cold-blooded crimes.

In addition, DeVito has made a series of troubling comments to the press about how he apparently tried to side step defrauded thousands of investors who are owed hundreds of millions of dollars in civil judgments, while clearly showing his sympathy to Eddie Antar.

We deserve to rot in hell for our unforgivable crimes

Over the last twenty years, I have said publicly that as the criminal CFO of Crazy Eddie my crimes were pure evil and I deserve to fry in hell for my unforgivable sins. I’ve made no excuses for my criminal conduct. At Crazy Eddie, we committed our crimes for both fun and profit. We arrogantly committed our crimes simply because we could and we had no empathy whatsoever for any of our victims. 

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Zero Hedge

For The Bookies The Referendum Outcome Is Clear: Paddy Power Pays Out For "Yes" Votes

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

The market may be scratching its head over the outcome of this Sunday's Greek referendum, soaring on the faintest trace of good news such as the report of Tsirpas' capitulation this morning then reluctantly selling off as the euphoria is rejected, but for the bookies the outcome is now clear: earlier today Ireland's Paddy Power announced it has "paid out five figures" in winnings to gamblers who bet that Greece will back a July 5 austerity referendum that may seal the nation’s future as part of the euro region.

Cited by Kathimerini, Pad...



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Phil's Favorites

Troika Documents Say Greece Needs Huge Debt Relief

Courtesy of The Automatic Earth.

NPC R.P. Andrews fire, 628 D Street N.W, Washington, DC 1912

Just when you think things can’t get any crazier, they always do. The Guardian reports on unpublished Troika documents that show Greece is only too right in asking for debt relief. That for the Syriza government to sign what the Troika wants to force them to sign would see Tsipras et al plunge their country into a financial hell hole.

What’s potentially even weirder is that all German MPs have received the documents, because a vote on them was supposed to take place, but none have said a thing about them. Good thing one at least was awake enough to send them to the press.

So they have these docs, and then yesterday Merkel says no more talks until after the referendum, and total silence fol...



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Market News

News You Can Use From Phil's Stock World

 

Financial Markets and  Economy

Ukraine Halts Russian Gas Purchases After Price Talks Fail (Zero Hedge)

It has been a bad day for deals and deadlines all around: first Greece is about to enter July without a bailout program and in default to the IMF with the ECB about to yank its ELA support or at least cut ELA haircuts; also the US failed to reach a nuclear deal with Iran in a can-kicking negotiation that has become so farcical there is no point in even covering it; and now moments ago a third June 30 "deal" failed to reach an acceptable conclusion when Russia and Ukraine were unable to reach an agreement on gas prices at talks in Vienna on Tuesday. As a result, Ukraine is suspending its purchase of Russian gas.

...



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Chart School

No Update

Courtesy of Declan.

Stockcharts.com running very slow, so no update today. ...

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All About Trends

Mid-Day Update

Reminder: David is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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Kimble Charting Solutions

Junk bonds diverging, could send bearish message to stocks!

Courtesy of Chris Kimble.

CLICK ON CHART TO ENLARGE

This charts takes a 25-year look at the Pimco High Yield mutual fund. In 1999 & 2007 the fund was diverging against the S&P 500 and once it broke support the fund and broad markets turned weak together.

At this time PHDAX is now testing 4-year support and it has been diverging against S&P for almost a year!

Below looks at the two most popular junk bond ETF’s against the S&P 500

CLICK ON CHART TO ENLARGE

This chart reflects that JNK & HYG are diverging against th...



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OpTrader

Swing trading portfolio - week of June 29th., 2015

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Digital Currencies

BitGold Now Available in US! Why BitGold?

Courtesy of Mish.

BitGold USA

Effective today, BitGold Announces Platform Launch in the United States.

BitGold, a platform for savings and payments in gold, is pleased to announce the launch of the BitGold platform for residents of the US and US territories. As of today, US residents can sign up on the BitGold platform and buy, sell, or redeem gold using BitGold’s Aurum payment and settlement technology. US residents will also have access to the BitGold mobile app and a prepaid card when these features launch over the coming weeks. Send and receive gold payment features are not initially available in the US.

About BitGold

...



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Sabrient

Sector Detector: Bulls under the gun to muster troops, while bears lie in wait

Reminder: Sabrient is available to chat with Members, comments are found below each post.

Courtesy of Sabrient Systems and Gradient Analytics

Two weeks ago, bulls seemed ready to push stocks higher as long-standing support reliably kicked in. But with just one full week to go before the Independence Day holiday week arrives, we will see if bulls can muster some reinforcements and make another run at the May highs. Small caps and NASDAQ are already there, but it is questionable whether those segments can drag along the broader market. To be sure, there is plenty of potential fuel floating around in the form of a friendly Fed and abundant global liquidity seeking the safety and strength of US stocks and bonds. While the technical picture has glimmers of strength, summer bears lie in wait.

In this weekly ...



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Pharmboy

Baxter's Spinoff

Reminder: Pharmboy and Ilene are available to chat with Members, comments are found below each post.

Baxter Int. (BAX) is splitting off its BioSciences division into a new company called Baxalta. Shares of Baxalta will be given as a tax-free dividend, in the ratio of one to one, to BAX holders on record on June 17, 2015. That means, if you want to receive the Baxalta dividend, you need to buy the stock this week (on or before June 12).

The Baxalta Spinoff

By Ilene with Trevor of Lowenthal Capital Partners and Paul Price

In its recent filing with the SEC, Baxter provides:

“This information statement is being ...



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Mapping The Market

An update on oil proxies

Courtesy of Jean-Luc Saillard

Back in December, I wrote a post on my blog where I compared the performances of various ETFs related to the oil industry. I was looking for the best possible proxy to match the moves of oil prices if you didn't want to play with futures. At the time, I concluded that for medium term trades, USO and the leveraged ETFs UCO and SCO were the most promising. Longer term, broader ETFs like OIH and XLE might make better investment if oil prices do recover to more profitable prices since ETF linked to futures like USO, UCO and SCO do suffer from decay. It also seemed that DIG and DUG could be promising if OIH could recover as it should with the price of oil, but that they don't make a good proxy for the price of oil itself. 

Since...



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Promotions

Watch the Phil Davis Special on Money Talk on BNN TV!

Kim Parlee interviews Phil on Money Talk. Be sure to watch the replays if you missed the show live on Wednesday night (it was recorded on Monday). As usual, Phil provides an excellent program packed with macro analysis, important lessons and trading ideas. ~ Ilene

 

The replay is now available on BNN's website. For the three part series, click on the links below. 

Part 1 is here (discussing the macro outlook for the markets) Part 2 is here. (discussing our main trading strategies) Part 3 is here. (reviewing our pick of th...

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Help One Of Our Own PSW Members

"Hello PSW Members –

This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible.  Feel free to contact me directly at jennifersurovy@yahoo.com with any questions.

Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts.  After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.)  Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.

http://www.youcaring.com/medical-fundraiser/help-get-shadowfax-out-from-the-darkness-of-medical-bills-/126743

Thank you for you time!




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