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View Full Version : Man runs secret bank from house


avatar4321
05-02-2007, 09:58 AM
http://news.yahoo.com/s/ap/20070502/ap_on_re_us/warehouse_bank

Im just kind of dumbfounded how anyone can do this. I mean not the legal manuvering but banking can get pretty complicated and the fact that one guy was running hundreds of accounts from his home is simply amazing.
darin
05-02-2007, 10:28 AM
For some reason, that 'crime' doesn't bother me in the least. :)
Hobbit
05-02-2007, 10:30 AM
As long as he informed his customers that he was not FDIC insured and kept within federally mandated minimum reserves standards (and maybe not even then), I don't see why this should be a crime.
Hagbard Celine
05-02-2007, 10:34 AM
What a coincidence! I run a secret icecream shop from my house. I had to get a secret business permit.
Birdzeye
05-02-2007, 10:40 AM
What a coincidence! I run a secret icecream shop from my house. I had to get a secret business permit.

:laugh2:
Little-Acorn
05-02-2007, 10:58 AM
As a member of the Minutemen, I'm an "Undocumented Border Patrol Agent". Says so right on my T-shirt.

Not everything has to be government-approved. "Caveat Emptor" always applies.
Little-Acorn
05-02-2007, 11:04 AM
a federal judge has frozen the assets of Arant's bank.

Agents seized computers and financial records last month from the home where Arant lives with the property's owner, Martin F. Dugan.

If somebody robs a 7-11 and uses a Chevrolet for a getaway car, will the Feds close down GM and seize all their computers?

The things Arant did, should not be illegal. But in this big-govt nanny state we live in, they are.

Arant should have known not to mess with the finances of a large, overbearing government. Nothing will bring the wrath of Thor down on you faster or harder than doing that. The guy might have been clever and enterprising, but he is DUMB. He definitely chose the wrong fight.
Mr. P
05-02-2007, 11:06 AM
Killingsworth was initially assigned to investigate Arant's failure to file income tax returns since 2001.

That's what'll smoke his shorts, he may be able to get off on the rest, but not that.
5stringJeff
05-02-2007, 07:10 PM
The reason the Feds got involved was tax evasion. There's nothing illegal about running your own bank, per se.