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Morning Lineup – February 6

Wednesday Morning – Put It On The Card

Here we are at Hump Day already for you straight-day workers.  For the shift workers it's another day that you can't quite remember which one it is.  Unless it's payday, of course.  Nobody ever forgets that.

Speaking of paydays, it was disclosed yesterday that the Feds have made a major bust and arrested at least 18 people for perpetrating one of the largest-ever credit card frauds.  Most of them were arraigned yesterday in the Newark, New Jersey, federal district court and charged with stealing more than $200 million from the credit card companies.  Did you get that, two-hundred-million?

You don't need to check your wallet this morning, they weren't using stolen identities to do it.  Instead they set up an extravagent scheme to create about 7,000 new, false indentities and then applied for fresh credit cards.  ABC News summarized it:

According to court records, the scheme involved three basic steps: The defendants allegedly created thousands of fake identities, pumped up the credit histories of those fictitious people and then racked up charges on fraudulently obtained credit cards.

"Due to the massive scope of the fraud, which involved over 25,000 fraudulent credit cards, loss calculations are ongoing and final confirmed losses may grow substantially," Simpson said.

The proceeds, authorities said, were used for luxury automobiles, electronics, spa treatments, high-end clothing and millions of dollars in gold. Authorities said the fraudsters also stockpiled large sums of cash and approximately $70,000 in cash was found in one defendant's oven.

Though the scheme targeted credit card companies, Paul Fishman, U.S. Attorney for New Jersey, said customers everywhere could feel the impact.

"Through their greed and their arrogance, the individuals arrested today and their conspirators allegedly harmed not only the credit card issuers, but everyone who deals with increased interest rates and fees because of the money sucked out of the system by criminals acting in fraud rings like this one," Fishman said.

Most of yesterday's arrests were cleaning up the pile of arrest warrants following the previous arrests of four of the ringleaders.  Three of them have already admitted to participating in the criminal enterprise that was centered in three jewelry stores, all in the same block, in Jersey City.  The Jersey Journal has more info. on this event HERE.

What a world, eh?  Thank goodness they caught these people and will be able to restore a lot of the financial assets that they have stolen.

Meanwhile we will go ahead and take care of our assets and get this equipment checked out.  I wonder what a million dollars worth of coffee would look like?  Wouldn't it be nice to have that in the pantry?  Anyway, let's get that taken care of and then we'll meet back in the day room and see what's been happening.

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