Former con man Matthew Cox discusses his experiences with bank fraud, mortgage fraud, and identity theft. He reflects on the challenges of committing fraud in the banking industry and discusses creating synthetic identities for scams. Cox also shares stories of property scams, flipping houses, and the evolution of fraud. He talks about the consequences of probation, losing his mortgage business, and starting to flip houses. Cox delves into the gray area of the real estate industry, fraudulent loans, and the difficulties of obtaining extra documentation. He shares experiences with identity theft, targeting the homeless, and closing fraudulent loans. Finally, Cox discusses the decision to turn himself in, obtaining fake business cards, the sentencing process, cooperation in legal cases, and facing the reality of prison life.
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Quick takeaways
Matthew Cox engaged in an elaborate scam in the mortgage industry, involving bank fraud, identity theft, and creating synthetic identities.
The speaker explains how they manipulated documents, such as driver's licenses and IDs, to establish false identities and open bank accounts.
The speaker recounts their experiences evading law enforcement and navigating the criminal world.
The speaker discusses their interactions with law enforcement, including a conversation with a detective and a federal agent.
The speaker shares details of their strategy for building new identities and continuing their life of fraud.
Matthew Cox reflects on the profound impact his choices had on his family and loved ones, highlighting the pain and disappointment that comes from the consequences of his actions.
Deep dives
Main Idea 1
Matthew Cox engaged in an elaborate scam in the mortgage industry, involving bank fraud, identity theft, and creating synthetic identities.
Main Idea 2
Cox manipulated the mortgage process by altering documents, falsifying credit profiles, and inflating property values to secure loans for synthetic identities.
Main Idea 3
Cox's scheme involved flipping properties and selling them to the synthetic identities, pocketing substantial profits while leaving the banks with significant losses.
Caught in the Fraud: Navigating Deception and Consequences
Summary: This podcast episode explores the experiences and mindset of an individual involved in committing fraud in the mortgage industry. The speaker reflects on their motivations and the evolution of their criminal activities. They discuss how they manipulated the system to obtain fraudulent loans, create synthetic identities, and use fake banks for transactions. The speaker also reflects on the consequences of their actions, including facing legal charges and the betrayal of trust from their accomplices. The episode delves into the intricate details of the fraud scheme and the challenges they faced in maintaining their illegitimate operations.
Scamming the System
The podcast episode explores the speaker's experiences in scamming the system by creating fake identities and engaging in fraudulent activities.
Manipulating Documents and Gaining Money
The speaker explains how they manipulated documents, such as driver's licenses and IDs, to establish false identities and open bank accounts. They also discuss obtaining loans and cashing checks under these false identities to gain money.
Evading Law Enforcement
The speaker details their efforts to evade law enforcement, including moving to different locations and undergoing plastic surgery to alter their appearance. They also explain how they utilized the identities of homeless individuals to continue their fraudulent activities.
Evading law enforcement and navigating the criminal world
The speaker recounts their experiences evading law enforcement and navigating the criminal world. They share stories of close calls, encounters with law enforcement, and the challenges of staying one step ahead.
Cooperating with law enforcement and facing potential consequences
The speaker discusses their interactions with law enforcement, including a conversation with a detective and a federal agent. They weigh the pros and cons of turning themselves in and cooperating with authorities, ultimately choosing to remain on the run.
Building a new identity and continuing a life of fraud
The speaker shares details of their strategy for building new identities and continuing their life of fraud. They discuss obtaining fake IDs, securing new vehicles, and engaging in scams and illegal activities with various accomplices.
The podcast explores the speaker's experience being on the run
The speaker discusses the challenges and dangers they faced while on the run, including the constant fear of being caught by law enforcement. They also mention the importance of not getting caught in contact with anyone from their previous life, as that increases the chances of being discovered.
The speaker emphasizes the importance of cooperation in legal cases
The speaker highlights the significance of cooperating with law enforcement, as it can potentially lead to a sentence reduction. They mention how they provided substantial assistance by sharing information and cooperating with the FBI and Secret Service. However, despite their cooperation, their sentence was not reduced as expected.
The speaker navigates prison life and teaches real estate classes
The speaker describes their experiences in prison, including being in medium and low-security prisons. They talk about teaching real estate classes and helping inmates learn about residential real estate and investment strategies. They also discuss some of the challenges and dynamics within the prison environment.
Matthew Cox's Journey from Fraud to Redemption
Matthew Cox shares his incredible story of going from a life of fraud and crime to seeking redemption and rebuilding his life. He recounts his experiences in prison and the challenges he faced upon his release. Despite the mistakes he made, Cox's resilience and determination to make amends shine through as he shares his journey of self-discovery and finding a new purpose in life. Through his writing and the help of unconventional allies, Cox navigates the legal system and achieves significant reductions in his sentence, allowing him to spend precious time with his loved ones before their passing. His story serves as a reminder that even in the darkest times, there is hope for redemption and a chance to create a better future.
Transforming Tragedy into Inspiration
Matthew Cox reflects on the profound impact his choices had on his family and loved ones, highlighting the pain and disappointment that comes from the consequences of his actions. Despite remorse and regret, Cox looks to the future with a sense of purpose and determination, vowing to use his experiences as a cautionary tale for others. He acknowledges the mistakes he made and the pain he caused, but instead of wallowing in self-pity, Cox seeks to inspire others to make wiser choices and avoid the pitfalls that led him down his destructive path. Through sheer willpower and the support of unexpected allies, he charts a course towards redemption and personal growth.
Lessons Learned: Appreciation, Redemption, and the Value of Second Chances
Matthew Cox imparts his hard-earned wisdom to young people, emphasizing the importance of gratitude, hard work, and appreciating the gifts life offers. He encourages others to avoid taking their loved ones and opportunities for granted. Cox candidly shares his own mistakes, the pain they caused, and the repercussions he faced. Despite the challenges he endured, he holds onto hope and proves that even from the depths of prison, there is a chance for redemption and personal growth. Cox's story serves as a powerful reminder that one is not defined by their past mistakes; rather, it is the way they rise from them and use them to shape a brighter future that truly matters.
Matthew Cox is a former con man who served 13 years in federal prison for bank fraud, mortgage fraud, and identity theft. He is the author of many books, including his memoir Shark in the Housing Pool, and runs the YouTube channel Inside True Crime. Please support this podcast by checking out our sponsors:
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OUTLINE:
Here’s the timestamps for the episode. On some podcast players you should be able to click the timestamp to jump to that time.
(00:00) – Introduction
(08:43) – Mortgage fraud
(23:32) – Creating fake people
(57:17) – Arrested by FBI
(1:14:08) – Omerta: Code of silence
(1:36:26) – Fake ID’s
(2:05:48) – Getting caught
(2:19:12) – Going on the run from FBI
(2:30:54) – Identity theft
(2:51:34) – More scams
(3:03:23) – FBI Most Wanted
(3:05:51) – Close calls
(3:36:46) – Break up with Becky
(3:41:26) – Calling parents
(3:43:25) – Calling FBI
(3:49:06) – Running from cops
(4:10:56) – Getting arrested
(4:26:21) – Snitching
(4:42:35) – Prison
(5:00:08) – War dogs
(5:06:50) – Frank Amodeo
(5:42:21) – Freedom
(5:53:15) – Family
(5:59:19) – Regret
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