Woman admits fleecing shopping network of more than $412,000

[SUBMAN1]

Woman admits fleecing shopping network of more than $412,000

Website glitch allowed her to receive items gratis

By Dan Goodin (http://forms.theregister.co.uk/mail_author/?story_url=/2007/10/30/website_fraud_guilty_plea/) → More by this author (http://search.theregister.co.uk/?author=Dan%20Goodin)
Published Tuesday 30th October 2007 21:49 GMT

A woman has pleaded guilty to fleecing the QVC home-shopping networking of more than $412,000 by exploiting a gaping hole in its website that allowed her to receive merchandise without paying for them.


Quantina Moore-Perry ordered handbags, jewelry and electronics and then immediately canceled the transactions. The flaw allowed the North Carolina woman to take delivery of more than 1,800 items without being billed. Moore-Perry would then sell the booty on eBay, according to the Associated Press, which cited authorities.


Moore-Perry pleaded guilty to wire fraud and was released pending sentencing. She has forfeited the $412,000 proceeds from the scam.


Pennsylvania-based QVC learned of the scam after being contacted by two individuals who bought items from Moore-Perry. Apparently, the defendant couldn't be bothered to remove the QVC packaging, arousing the tipsters' suspicion.

http://www.theregister.co.uk/2007/10/30/website_fraud_guilty_plea/

[Jimbuna]

I wish my credit card company was so understanding. :p

[SUBMAN1]

I wish my credit card company was so understanding. :pLock that thing in a safe already and don't use it ever!!! Or better yet - cut it up!

-S

[Jimbuna]

I wish my credit card company was so understanding. :pLock that thing in a safe already and don't use it ever!!! Or better yet - cut it up!

-S

Bad/negative personal experience ? :hmm:

[Sailor Steve]

Apparently, the defendant couldn't be bothered to remove the QVC packaging, arousing the tipsters' suspicion.
What is it about the criminal mind that makes get caught just because they're so STUPID?

[SUBMAN1]

I wish my credit card company was so understanding. :pLock that thing in a safe already and don't use it ever!!! Or better yet - cut it up!

-S
Bad/negative personal experience ? :hmm:I'm just anti credit is all. You have a choice - be free and wealthy or be a slave to the lender. The choice is yours. I never use credit anymore (accept to purchase online, but I don't keep a balance), which gives me the most powerful wealth building tool I have - my income!

Credit is the mantra of the middle class. No other way to describe it. Credit is bad. If you like being middle class however, keep the credit.

An example of just how bad credit is, simply take a car payment. The average US car payment is $400 a month. Do you know that if you paid yourself $400 a month for 40 years straight into a decent mutual fund that this would add up to $4.5 Million dollars at a normal return on investment of 12%? That car you have there must be a pretty nice car for $4.5 million! :D The car companies know this, but would rather not tell you because they want that 4.5 million in their pocket, not yours! Hope you like the car!

I guess the point I am getting across is that credit will keep you down. Even someone with minimal income can walk away at the end of their life more wealthy than anyone else if they are only slightly smart with their money.

I'm debt free at this point. I don't owe a penny to anyone and I plan to keep it that way.

-S

[Jimbuna]

I wish my credit card company was so understanding. :pLock that thing in a safe already and don't use it ever!!! Or better yet - cut it up!

-S
Bad/negative personal experience ? :hmm:I'm just anti credit is all. You have a choice - be free and wealthy or be a slave to the lender. The choice is yours. I never use credit anymore (accept to purchase online, but I don't keep a balance), which gives me the most powerful wealth building tool I have - my income!

Credit is the mantra of the middle class. No other way to describe it. Credit is bad. If you like being middle class however, keep the credit.

An example of just how bad credit is, simply take a car payment. The average US car payment is $400 a month. Do you know that if you paid yourself $400 a month for 40 years straight into a decent mutual fund that this would add up to $4.5 Million dollars at a normal return on investment of 12%? That car you have there must be a pretty nice car for $4.5 million! :D The car companies know this, but would rather not tell you because they want that 4.5 million in their pocket, not yours! Hope you like the car!

I guess the point I am getting across is that credit will keep you down. Even someone with minimal income can walk away at the end of their life more wealthy than anyone else if they are only slightly smart with their money.

I'm debt free at this point. I don't owe a penny to anyone and I plan to keep it that way.

-S

I currently enjoy the same status you describe in your last sentence, but it is a never ending struggle to maintain that position with a wife and two kids in tow :damn:

[SUBMAN1]

I currently enjoy the same status you describe in your last sentence, but it is a never ending struggle to maintain that position with a wife and two kids in tow :damn:Time to lay down the law! :D No excuse for living beyond your means.

-S

[Jimbuna]

I currently enjoy the same status you describe in your last sentence, but it is a never ending struggle to maintain that position with a wife and two kids in tow :damn:Time to lay down the law! :D No excuse for living beyond your means.

-S

The wife said She'll be on the next flight over with the youngest (daughter) who will be suitably equipped with her hockey stick :p

[DeepIron]

I'm debt free at this point. I don't owe a penny to anyone and I plan to keep it that way.
Amen. Just a house and a car payment... :cool: Soon, just a house... :cool:

[SUBMAN1]

I'm debt free at this point. I don't owe a penny to anyone and I plan to keep it that way. Amen. Just a house and a car payment... :cool: Soon, just a house... :cool:House I can understand, but a car payment, I can't. Wipe it out already.

-S

[August]

Who owns a car for 40 years?

[Jimbuna]

These did....and they were American Multi-Millionaires :lol:

http://img413.imageshack.us/img413/5470/truckbeverly2og4.jpg (http://imageshack.us)

[SUBMAN1]

Who owns a car for 40 years?No one does. I did not say not to buy a car, but to buy one you can pay cash for. And on top of that, I do not advocate buying brand new, though I have been guilty of that in my past myself, I doubt I will ever do it going forward.

The point is, pay yourself the $400 into an investment at a 12% return, and then pay cash. To go get a loan for it, you are simply making someone else rich to drive something that impresses people you do not know and really don't give a crap about. It is that simple.

Seems you guys need some math. Lets even use a used $20K car. If you want to do the math on a 5 year, $20,000 car loan, if you simply wait and pay cash for it, investing $400 monthy instead of taking the loan, you can buy your brand new car outright for $20K in 3.25 years. Not bad, no? Factor in that this out of pocket cost of your contributing $400 is only costing you $15,600.

Now lets calculate the 5 year loan on your fairly nice $20K used car. You would pay $444.89 for 60 months - much much longer than paying cash for it, for a total out of pocket of $26,693.40. So not only are you paying $11,093.40 extra for the exact same car, but it is taking you 1.75 years LONGER to even own the damn thing!

You guys do the math. This is not rocket science. The point being, you don't want to finance someone elses Ferrari - you want to buy your own! Cash!

-S

[DeepIron]

You guys do the math. This is not rocket science.
Great points! Unfortunately, in my particular case, I have to factor in the MIL (Mother-In-Law) constant. She lives with us and is the primary reason we bought the van in the first place... ;)

The upside is now that we are her primary caregivers, I get the $$$ back in tax deductions... :up:

[SUBMAN1]

You guys do the math. This is not rocket science. Great points! Unfortunately, in my particular case, I have to factor in the MIL (Mother-In-Law) constant. She lives with us and is the primary reason we bought the van in the first place... ;)

The upside is now that we are her primary caregivers, I get the $$$ back in tax deductions... :up:Well, a need sometimes outweighs the logic of doing right, so I don't fault you there. It is also commendable to take care of the elderly when they become incapable of taking care of themselves. I respect that.

-S

[SUBMAN1]

By the way - I forgot to mention the biggest factor in not wanting to take a car loan - RISK!!! You assume you will have income. You asssume you will be able to make the payment, but life may not have that in mind for you. It would really suck to pay $25K on a car, only to lose everything because you got laid off.

The #1 reason for bankruptcy in America - Medical problems.

If you have no debt, you have no worries. It is as simple as that. All your effor to gather wealth and be comfortable no longer has any risk associated with it when you are no longer a slave to the lender.

Debt is really the modern equivelent to slavery. Most of America are slaves. People wonder how the rich get rich - it's as simple as a mathmatical formula on not having debt. With the kind of incomes in America, any person in this country can become wealthy. And!!! And!!! You can do it on a factory workers salary. Just invest more and pay less for things you buy. You can do this by only paying cash.

<...steps down from soapbox...>

-S

[DeepIron]

Speaking of cars and layoffs: http://news.bbc.co.uk/2/hi/business/7073406.stm
and the killer: "The deal, affecting 45,000 active workers at Chrysler and more than 55,000 retired staff, included proposed reforms to pension entitlements and healthcare benefits."

[SUBMAN1]

Speaking of cars and layoffs: http://news.bbc.co.uk/2/hi/business/7073406.stm
and the killer: "The deal, affecting 45,000 active workers at Chrysler and more than 55,000 retired staff, included proposed reforms to pension entitlements and healthcare benefits."

Exactly. It is back to the old days where one looks after himself. No one is going to do it for you.

-S

[SUBMAN1]

Something else just popped into my head - I forgot to factor in that a car is a depreciating asset! I guess this is making things complicated now, but in 3.25 years, I bet you will want a newer better version for the same money!!! And the guy with the car loan now has a car that is probably only worth $8K!!!! Return on investment stinks in this scenario.

It's called - looking good going broke! Best way to describe it. It is/was a nice looking car! Not my cup of tea, thank you.

-S

[Onkel Neal]

An example of just how bad credit is, simply take a car payment. The average US car payment is $400 a month. Do you know that if you paid yourself $400 a month for 40 years straight into a decent mutual fund that this would add up to $4.5 Million dollars at a normal return on investment of 12%? That car you have there must be a pretty nice car for $4.5 million! :D The car companies know this, but would rather not tell you because they want that 4.5 million in their pocket, not yours! Hope you like the car!

Lol, that would be a dandy car, if you paid $400 a month on it for 40 years, as you suggested :)

[August]

ow lets calculate the 5 year loan on your fairly nice $20K used car. You would pay $444.89 for 60 months - much much longer than paying cash for it, for a total out of pocket of $26,693.40. So not only are you paying $11,093.40 extra for the exact same car,

Maybe i'm not a math whiz like you said but even i know that 26,693.40 minus 20k is not 11 grand and change dude...

[SUBMAN1]

An example of just how bad credit is, simply take a car payment. The average US car payment is $400 a month. Do you know that if you paid yourself $400 a month for 40 years straight into a decent mutual fund that this would add up to $4.5 Million dollars at a normal return on investment of 12%? That car you have there must be a pretty nice car for $4.5 million! :D The car companies know this, but would rather not tell you because they want that 4.5 million in their pocket, not yours! Hope you like the car!
Lol, that would be a dandy car, if you paid $400 a month on it for 40 years, as you suggested :)That's the point. If you paid yourself $400 a month for 40 years (assuming no interest, nothing), that would equal $192,000 car. If you however invested it in a mutual fund - the exact same $192,000 out of your pocket would then be worth $4.5 Million, and you could buy yourself over 23 times over of the exact same CAR!!!! This is for the same $192K out of pocket total expenses.

-S

[SUBMAN1]

ow lets calculate the 5 year loan on your fairly nice $20K used car. You would pay $444.89 for 60 months - much much longer than paying cash for it, for a total out of pocket of $26,693.40. So not only are you paying $11,093.40 extra for the exact same car,
Maybe i'm not a math whiz like you said but even i know that 26,693.40 minus 20k is not 11 grand and change dude...No - you missed it. You pay yourself at $400 a month into your mutual fund, and you will get the $20K in 3.25 years, and then buy the said car later on cash instead of driving it off the lot today. You will have paid out of pocket into that fund a total of $15,600 and have a return on investment of $4,400.

The math here comes down to what you are paying out of your wallet to get the car.

Take the 5 year loan, you have paid out of your wallet $26,694.40 to the bank, with $6,694.40 in interest, and $20,000 for the car.

If you invested the money first, and paid later, you would have paid out of your wallet, $15,600 (for a $400 a month payment to yourself) and made $4,400 in interest.

Out of wallet expenses are tallied like this:

5 year loan - $26,694.40
- investment - $15,600
--------------------------------
This is a difference of $11,094.40 that physically left your bill fold to pay for the exact same car.

Does this make sense yet?

-S