LOU, Julian Benca, Lou Back discussed on Con Artists
The dishonest measures he used to raise money were more than making up the difference. And soon in the wake of a devastating loss Lou with dive, even deeper into the criminal world. Coming up, LOU grows greedier after a series of unfortunate events now back to the story. In one, thousand, nine, eight, Thirty three-year-old loop, poelman was living large. His newly-formed Aviation Company s ship international was thriving after acquiring its first blimp, and in addition to the income. He was earning as CEO Lewis pocketing the money from investments that came pouring into trans can he was living the high life, but just a month before lose thirty fourth birthday. Tragedy Struck On Mother's Day in Nineteen Eighty Eight Rini poelman tied. In one single blow Lou lost his closest confidant and his moral compass. Without his mouth has guidance Lou began indulging in dirtier and greedier business tactics. He pushed transplant onto investors harder than ever taking money from friends and family like to pay for his increasingly indulgent lifestyle. He also resorted to shady practices in his legitimate businesses. In June of Nineteen eighty-nine s ship, international second blimp crashed in a devastating Winston. Soon off to the blimp crashed, he filed an insurance claim receiving a generous payout similar to the jordache blimp crash years before. Yes, while Lou received the insurance money. He didn't actually own the crashed blimp. It was leased from. Lose Mental Theodore Volun- Camper. When Theodore discovered that Liu had profited from the destruction of his blimp, he sued shape international. The case was settled out of court for an unknown sum of money, avoiding full media spectacle. But Lou lost money he'd already spent. He needed a way to recoup his losses. Following the crash. Lou created one his longest lasting cons under his public aircraft company. Trans Continental Airlines. It was called the employee. Investment savings account or Acer. Is An actual legitimate federally insured vehicle called an Arista or employees retirement investment savings account. But lose a ISA accounts were completely fraudulent adaptation. He told investors that they didn't even have to be employed that transcontinental to partake in the plan. He claimed he had a special clause that allowed select friends and family members to invest the best part. It claimed to pay an annual return of eight percent, which was higher than banks could promise. Lou Back to this figure up with forge guarantees from the FDIC the American International. Group Insurance Company and Lloyd's of London. And many of his buyers who had spent their whole lights building a nest egg for their retirement took lose word as truth. From then on the scheme was simply a matter of keeping his investors in the dock while they dumped money into the fake retirement accounts. One of Liu's henchman robot fischetti oversaw the invested database for the program and sent statements to investors. In these statements it appeared that the investors money was earning interest in actuality. None of the money was being saved. Let alone compounding. Anyone who asked to cash out on? The return would paid with money from other investors, but usually once they saw the gains, they stopped asking for payouts. They would wait until sometime down the line when they were ready to retire to fully cash out. The problem was by the time they did. There would be no money left to lose name. Lou had spun the perfect web of lies. In the end he enticed over one thousand five hundred investors who eventually paid over two hundred million dollars. These accounts became lose main source of income. By Nineteen Ninety Ashish International was struggling once again, only having one blimp in their hang a limited profit, margins and latest promotional contract with Metropolitan Life Insurance ran out. Loose struggled to find another long-term client. In one thousand nine hundred ninety s ship international reported a loss of four point five million dollars followed by another four point four million dollars the next year. Things looking diet for the company, but Lou never admitted it. He maintained the impression that business was booming. The bluff worked in his favor. When met his next target? Julian Benca Julian Ben Show was the son of a wealthy British businessman. He grew up privileged comfortable with the exception that a large inheritance would make his adult life just as easy. But when his father died, the will stipulated that Julian couldn't touch his portion of the money until he made his first million. Though. The prospects seem daunting Julian had a keen nose for business. and. In his early twenties, with twenty thousand dollars borrowed from his mother, Julian managed to make his million by becoming the landlord for European blimp companies. Manufacturing facility. Julian was practical and sensible when it came to his business interests. But. He was impressed by Lou poems flash. The two first met as an aviation conference, and in no time Lou Convinced Julian to join the ship international team. Under Julian's guidance s ship. International was able to lease a second blimp and secure a long term client for the ship. They eventually acquired several other blimps. With jillions help s ship international became nearly as successful as Lou waste claimed it had been. At this point, Lou could have set his criminal ventures aside and lift off the money. His legitimate business turned. But like so many other con artists that came before him lose greed sue now paced his not so modest income. There may have been a psychological reason for lose inability to control himself. Psychological studies have shown that the pursuit of greed is an addiction in its own right. According to psychologist Victims Shamas greed activate Simla pathways in the brain as drug use so every time Lou behaved greedily. His brain rewarded him with a hit of dopamine. After a while, he couldn't stop himself. It has also been suggested that such extreme greedy behavior is due to a person's underlying and. According to psychologists Leon F Seltzer people may chase wealth and material possessions to cover their own insecurities all to soothe in Chicago pain in the case of Luke Kelman. This unbridled greed may have been residual effect from the loss of his. Metha-. Lou had always strive.