Lex Fridman Podcast #409 – Matthew Cox: FBI Most Wanted Con Man – $55 Million in Bank Fraud
261 snips
Jan 17, 2024 
Matthew Cox, a former con man and author who served 13 years in prison, discusses his fascinating journey through financial fraud. He reveals the psychology behind his criminal behavior and shares the elaborate methods used to create fake identities for bank fraud. From ethical dilemmas in mortgage lending to thrilling tales of deception, Cox provides a unique perspective on the consequences of his actions. Touching on personal transformation and the complexities of navigating life in and out of prison, this conversation is both captivating and eye-opening.
AI Snips
Chapters
Transcript
Episode notes
First Fraudulent Act
- Matthew Cox's first crime involved altering a rental history document.
- His manager, Gretchen Zayas, instructed him to white-out a 30-day late payment.
No Gray Area in Fraud
- In mortgage fraud, there is no gray area; one either lies or doesn't.
- Undetectable fraud still constitutes fraud, even if seemingly legitimate.
Creating Synthetic Identities
- Cox learned about creating synthetic identities from a client who used her son's social security number.
- This led him to exploit loopholes in credit bureaus by creating fake identities using children's SSNs.