“Eat and find out.”
She sat, but went for the coffee first. “Does two and two make four?”
“I think not in this case. There’s a payment here of just over two hundred thousand to IOC. A search for IOC turns up several companies and organizations including a porn site billed as the Intense Orgasm Companion, which deals in vids, toys, enhancements, real-time vid or VR sex with a licensed companion, contacts to LCs who are affiliated with the site and will make house calls. And so on.”
Sex, she thought, never failed to sell.
“I don’t think Alexander funneled two hundred K out of his company for porn.”
“I tend to agree. I lean toward Investment Opportunity Corporation, a smallish outfit based in Miami, but claiming national coverage. They buy and sell properties—primarily commercial, but also residential. Developed or zoned for development.”
“Isn’t that basically what Alexander and Pope already does?”
“It is, so it’s odd—not illegal—but odd they’d pay out six figures, under the label of operating expenses, to another company. IOC is also connected, if you follow the dots carefully, to yet another company. Real and Exclusive Properties. This one’s based in the Caymans, claims global coverage. It caters to, according to its site, investors looking for exclusive properties, as individuals or groups. One of their services is analyzing clients and properties and matching them up.”
“What, like a dating site?”
He grinned at her. “I suppose so. They have a few properties on their site, and some testimonials from satisfied clients. They suggest direct contact for further information, and of course, exclusive property investments.”
“And you smell fraud?”
“Well, it fairly stinks of it, darling. This sort of thing is ripe for fraud.”
She thought she could see it, more or less, but wanted clarity. “How?”
“The basic con here would be to lure the client, and the money, in. Then make some reasonable payoffs as you would in any hustle to prime that pump for more. I suspect some of the land doesn’t exist, or is well overestimated in value thanks to payoffs or grifters on the payroll who can spin the con.”
“How do they get away with it? If they skin clients, there’d be noise.”
“You’d keep it fairly small, the dollar amounts. Keep it under the radar of the Security and Exchange Commission or its global alternative. Deposit in several accounts, again, keeping those deposits under the radar. Run the con, shut down, take the money, launder if necessary, then set up elsewhere. Different name, different look, different place. Same basic con. That’s the simplest.”
“Okay.” Yeah, she could follow it. “Alexander gets his share—the elephant’s share—”
“Lion’s share, as you perfectly well know.”
“Elephants are the biggest, and he takes the biggest.”
“Your logic is . . . unarguable.”
“See? So, he’s the elephant, then he has to wash the money, then bury it, or just bury it.”
“He has another easy system for laundry with the real estate. Arrange to purchase a property below market value, giving the difference in cash to the seller. He saves on taxes. Then you resell at market a few months later and make a legitimate profit. The money’s now clean.”
“He’s in the perfect position for that.”
“He is. Now, there are plenty of other ways, more complex, and more profitable to pump up the profits. Set up a loan company, for instance, which I expect to find. The client takes out the loan to purchase the property. Then you diddle with the loan, make some on that, the property turns out, when legitimately assessed, to be worth a fraction of that loan. If you keep it small, a few thousand here and there so the IRS doesn’t take note, you can draw cash out of those loan accounts—wash it, and it appears clean. If and when the client defaults on the loan as he’s in deeper than the value, you also have the land.”
She listened as she ate. “It seems like a hell of a lot of work. And it seems like you could make the money just doing it legitimately.”
“That doesn’t factor in the thrill, the greed—there’d be skimming and circling around the tax codes—and the enjoyment some have from screwing over others.”
“Get rich quick is usually a scam and always for suckers.”
“And there’s never a shortage of suckers,” Roarke pointed out. “I expect the bulk of the clientele falls into two categories. The naive, novice investor, and the overconfident who believes he can con the cons.”
“Did you ever run this sort of thing?”
“I’ve enjoyed the feel and scent of freshly laundered money.” He smiled as he topped off their coffee. “Lieutenant. But not the real estate scams. I could have,” he considered. “But I liked the game on its level playing field. And I’m good at it. I liked to steal. It’s hard to apologize, even to a cop, for having an aptitude and affection for the illegal. I stole to survive at first, but there’s no question I developed a taste for it. But the con? Not as much. And now.”