Re: OT: Auctioneer Ethics?

Posted by Jim.UT on September 22, 2004 at 12:18:11 from (64.122.18.247):

In Reply to: OT: Auctioneer Ethics? posted by Rauville on September 21, 2004 at 07:58:58:

Check kiting is not limited to crooked auctioneers. Any businessman in a cash crunch can be tempted to do it. Most people have done it without realizing it's a federal crime. Have you ever written a check for more than is in your account with the idea that your paycheck will be deposited tomorrow and will cover the check by the time the payee cashes it? That's check kiting.

The more elaborate kiting schemes (the ones actually investigated and prosecuted) are the ones where a person or business will open accounts at several banks in many distant parts of the country. One at home, another in Hawaii, another in NY and another in TX for example.

I used to do the grunt work on kiting investigations when I worked for the FBI during my senior year of college back in '80. People who kite checks are banking (pun intended) on the delay it takes to clear checks from one part of the country to another. Now that banking transactions are mostly electronic, it's silly to even try a kiting scheme. The delay has shrunk to just a day or two (used to be up to 10 days). There's no way you could keep up a kiting scheme long enough to do any good. It will collapse pretty quick.

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