We note that TrueCasey may be achieving his first and possibly only success.
He is successfully getting rid of the haterz™. Of course, the cost is that he is getting rid of pretty much any audience he ever had or ever will have.
100% Success!!!
Sadly for TrueCasey, and happily for the rest of us, there is only a small audience for the type of bizarre content he is passing on. And since he is not creating anything new, just passing along stuff that is available for free elsewhere, he won't generate any money by doing it.
Soon enough, he'll be forced to return home. Forget the dumb ideas about living in vans, being a "perpetual traveler" or any other such crap. Those solutions require a lot of smarts (if only streetsmarts) which TrueCasey lacks. And his stated inability to deal with any lack of normal creature comforts clearly disqualifies him from living this life, no matter how much he might talk of it.
His choice will be to go home and live with his parents' rules. No semi-vegan living at somebody else's expense. No more of mom doing his chores for him, or paying his sister to clean his toilet.
TrueCasey will fade away. Made irrelevant by his own failure to work at being relevant and his more and more desperate efforts to find something "special" for him to do that will allow him to somehow be different, unique, better or more successful than others, with little to no effort required.
Like many such scoundrels, he has no retreated into convincing himself that it doesn't matter. The world will soon end and his God will save him. Like the hero of The Tartar Steppe (which we refered to a few days ago), TrueCasey will probably spend much of his life waiting for the event that could prove his worth, but will probably never happen.
In the meantime, unless he decides to live in society as a productive member of society, his only value will be as a source of entertainment for some and a warning to others.
And that's the view from FalseCasey HQ, where tomorrow's stock market isn't looking much better, but the hope for a turnaround Tuesday is always there.
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42 comments:
So what's going to happen to him? I don't see him getting a real job until a few years' hard living has ground down the arrogance a bit.
He'll need a couple thousand a month just to scrape by, and I don't see him coming up with it anywhere. He's not sensible enough to cash out all the GSPG if it ever hits two cents -- his liquidity is down, too, since he pulled the certificates for some lintheaded reason. He's pretty arrogant about his beautiful asset, too, and won't sell until he has no other choices.
As best we understand it, he's not moving back home without also getting a job, though that comes through the Casey Reality Distortion Field™ and should be taken with a suitably large grain of salt.
His online survivalist commune isn't going to make him a dime anytime this century. Jesus is not going to provide. Casey stated he didn't want to work on his silly e-book any more. If he can scrape up some more credit (thanks, Mom!) he can drag on for a while, digging himself deeper at every step. The whole "credit is income" thing has got him where he is today -- out of both.
Whence the Casey?
GSPG's plunged to 1.45 cents as of noon Eastern time. His remaining 2.3 million shares won't get him too far any more.
did he finally incoporate google ad sense into his blog? i saw them earlier when i visited his site.
KC just removed the link to his new ebook site isurvivedforeclosure.com on his blog. What's going on here? He placed all his bets on that ebook, now he's dropping it? What a goddamn looooser he is. So what's next? Beg his mom for another 65K and start some other new venture?
If he is not working the e-book then WTF is he doing all day now?
He's sitting around listening to Alex Jones and trolling us.
He's probably panicking and most likely is realizing how right many of us are/were.
His stock is down, way down (I hope he saw that fat finger error where the stock was temporarily at .0014 instead of .014! HA!) and regardless of this long and strong nonsense he has to be kicking himself for not listening to us and himself and sold all at .065.
He's finally done. I am not that angry anymore. I don't feel sorry for him but I feel maybe we are getting some closure here. No matter what he does going forward he will always be tagged with the looser and wackjob labels.
Scoundrels love to "find" religion as a way to help them excuse their past indiscretions. Funny, I want to know why when a mass murderer finds God, he is instantly forgiven and told Jesus will accept him. If a cheater like Casey finds God, he thinks Jesus will love him more. If I sit here and question any religion that would allow anybody to sin and sin and be born again I am labeled a scumbag and doomed to burn in hell.
Fucking bizarre.
WWTF,
True dude. Nobody (well all but Alex Jones and that crazy UFO guy) makes money on the conspiracy crap.
Casey seems to mirror the far righties on the net, so will he turn his site into a far right wing talk site? He might find an audience but unless he finds a sugar daddy in the form of a think tank willing to bankroll this new incarnation, he's just another far right wacko with an opinion and too much time on his hands.
What happens when he stops making his corporate credit card payments?
Will that go on his mom's credit report?
Can they garnish his mom's income?
Corporate credit cards work a little differently than personal credit cards. Late payments, etc., reflect solely on the corporate credit and don't affect the cosigners (Casey's parents) at all. Default, on the other hand, will hit the cosigners right in the FICO. Garnishing wages / bank accounts can't happen without a court order, and, while technically possible, isn't often done for credit cards. As I understand it, a card is considered "in default" when no payments have been received for 90 days or more.
Casey said (and I see no reason to doubt) that he made his September payments. I don't see how he managed October, if at all, because the minimum for that debt load at credit-card rates is over $2000, and that's generous. He won't be in default until December or January, longer if he scrapes up enough to make a payment in the interim.
Unless there's a market for rehashing other people's looney conspiracy theories, I give him until February when it hits his parents hard.
His five conspiracy-rehash talkcasts are under an explicit no-reproduction copyright by their original publisher, and his blog was reported to the publisher by one of the Haterz™. We'll just have to see where it all goes.
Dolph - unlike yourself, I don't get a sense of closure yet. I don't know how, but I have the feeling he'll be able to drag this on for a while, preaching to us about the uselessness of jobs and education, pumping his penny stock, polishing his monstrous ego, and finding suckers to pay for it all.
Funny, I want to know why when a mass murderer finds God, he is instantly forgiven and told Jesus will accept him. If a cheater like Casey finds God, he thinks Jesus will love him more. If I sit here and question any religion that would allow anybody to sin and sin and be born again I am labeled a scumbag and doomed to burn in hell.
Dammit Dolph, you should be Jewish!
One of the things that people always find interesting about my religion is how limited the "powers" of God are to those who practice it. In particularly, God cannot forgive sins committed against other people. She can judge, but cannot forgive. Religious Jews spend the weeks prior to Yom Kippur going around to the individuals they believe they have wronged during the year, apologizing and asking for foregiveness.
Incidentally, it's not foregiveness from the afflicted that is said to influence God's judgement. It is the act of cataloguing ones transgressions and the willingness to admit them to the people you wronged. The rationale is that if we all had to look the people we wronged in the face, we'd do it a lot less...
Incidentally, only four of the 10 commandments deal with God. The other six are specifically about relations with other people. The common interpretation is that the old testament is much more concerned with building a just society by ensuring that people treat each other right, and much less concerned with "being good" by respecting God.
-btc
Yep I am told that all the time, BTC :)
WWTF,
Thanks for the explanation. That means that Casey and his mom will either be debt slaves for the next decade, unless Casey's mom wants to have trashed credit for several years.
I'm 99.9999% sure that Casey won't be making those payments past a year from now, so there's going to be some tension in the Serin house for the next 10 years.
I have a feeling that Casey and his mom are similar and this is why he is not worried. She would rather default then pay back loans. I think mentally, they are in another place. I don't feel sorry for his mom, as I think she is as greedy as Casey and was hoping to share in speculative profits.
I hope the creditors will go after them. At the very least it will cause great stress and legal costs.
Are there legal (criminal) issues with using corporate credit to speculate on penny stocks?
Funky,
Closure is good for me as I feel I've been proven right on many things. I have been dealing with my fair share of crap lately and my frustration with Casey's b.s. was causing a collision. I haven't been paying as much attention as I would in the past so that's put me in much better spirits of late.
He is getting his and the religious posts are proof. I don't even think this new turn in the story is anything but a desperate idiot. Look at his latest post...he is talking nothing but religion. If he wasn't so in debt, I'd think he'd be pushing his businessman b.s. to full effect as well.
He has nothing as a businessman and he may finally be coming to terms with that. He's not an interesting person so he has nothing in the personality dept (as we saw with those live videos). All he has is religion and time to think and dwell on this conspiracy nonsense. THIS is why I think we might get some closure finally.
Casey is a beaten man and it's showing. I don't take comfort in watching him self destruct but I do find it satisfying that he was warned what would happen if he continued down the course he had chosen. He will NEVER be a businessman or entrepreneur. He has no concept of money and how to make it. He knows how to blow it and that's it. He has no discipline nor does he have any concept of hard work to achieve goals.
He buys into this guru shit and it's FINALLY getting him back in full kharma mode. This crap he believes in (4 hour work weeks, Rich Dad, Poor Dad, etc) has failed him in ways college may not have. All the years he WASTED sitting in guru seminars taught him nothing. He parrots this crap but has zero concept of how it works.
If he'd just gone to school to learn the basics he'd be so much better off I'd say. Maybe he would have learned something useful that might have prevented this mess he's dug for himself.
Anonymous,
"Are there legal (criminal) issues with using corporate credit to speculate on penny stocks?"
ABLE BUYER INC is the owner of GSPG shares, not Casey K Serin. If he used corporate credit to buy a stock, that stock belongs to the company.
He could have serious problems if the state got wind that he used a corporate shell to buy a stock and used it for his personal shenanigans.
Dolph,
So what counts as personal shenanigans? He admitted selling stock to live off of, which includes living in a hotel, food an everything else.
I'm pretty sure he can pay himself a salary, but given that he didn't do any work that would warrant a salary, is that where he will have legal problems?
What kind of documentation would his corporation require? I mean when he established it and got credit, did he have to say what he was doing with it? Did he have to state his salary or anything else?
Realistically, with a one-person corporation, the only issues are if he doesn't account for things properly and doesn't pay his taxes.
All that money he paid himself? It's taxable income. If he doesn't declare it as such, he is in trouble. Other than that, the state doesn't really get involved in corporations where there is a sole shareholder, director and employee.
Casey and his accountant appear -- from what I can tell -- to have taken the position that the corporate shell was so thoroughly violated that it effectively didn't exist, and are treating it as a passthrough, leaving all the gains and losses on Casey's personal return. That's the way an S-corp and an LLC work, but Casey's is a C-corp, so he should not be allowed to do that. It's possible that Casey misunderstood and his accountant got it switched over the S-corp status, which would be a questionable thing to do after-the-fact.
In any case, whether their tactic works or not, I think he can expect an audit. And we all know he doesn't have the kind of detailed records he needs.
-btc
Actually just thought of something.
For 2007 the corp would have had no income, so he would have just owed the $800 to the California Franchise Tax Board.
For 2008 he could switch over the S-corp status. That would allow him to pass through the gain from his stock sales to offset carryforward losses from his real estate debacle.
But of course, that conversion would also be the kind of thing that would trigger an audit.
The "moment of truth" for the corp will come when he tries to figure out the 2008 taxes, not 2007.
2007 numbers still sound questionable, given his claim of $91,000 in "income" but no tax owed. Granted much of that was the sale of the blog (which is actually a cap gain, offset by RE losses) and some of the rest could be considered business income that would be offset by business expenses. But to claim that he had no income at all and no taxes at all including the regressive self-employment taxes (ie, SS and medicare payments) strikes me as completely unsupportable. I suspect that he'll be hearing from multiple authorities about that, including his local authorities. Most places in Cali want you to have a business license to do any kind of "self employed" stuff. If you claim "business" income on your state return, they will hunt you down...
-btc
Anon,
I believe Casey runs a California C-Corp. I run a small California C-Corp so I will use examples from my own knowledge:
1) Is he the sole shareholder of Able Buyer, Inc? I doubt it as he'd have to have one other person on his board. I have myself (2 votes) as chairman and 1 other person who also owns a small share of stock.
2) If I use company funds to buy equipment or whatnot, it's the company's, not mine. Buying GSPG with corporation funds (even credit) means he isn't the owner of the stock and if he's selling the money shouldn't go to pay for frivolous crap not associated with his business.
3) I forgo a salary in order to plow profits back into the company. If I wanted to I could easily pay myself. Now if he sells stock and legally uses the funds to pay himself, cool. He does have to worry about filing taxes quarterly to pay social security and payroll to the feds.
4) Corporate credit TOS tend to be very harsh as Funk mentioned. Since his mom is a co-signer I would bet she has "shares" in Able Buyer. So basically she could be legally responsible for Casey's shenanigans.
5) A corporation must hold a shareholder meeting every year and keep minutes. Now if he is sole shareholder, no prob. If he isn't, he could be in deep trouble should somebody sue and pierce the corporate veil.
6) Is Casey keeping accurate records? Co-mingling his personal funds with the corp may be something he gets away with now but the IRS is gonna be mighty pissed if his corp is spending to oblivion without a dime of revenue to show for it.
I have many more but these I hope help.
BTC, if his accountant moved him to S-Corp status, that would be unethical. BTW, S-Corps are the most heavily audited business entities in the USA.
If he's a C-Corp, I doubt he's legally a one man show. I believe you need at least 2 people to serve on a corporate board. If he wanted to be a one man corp he should have gone the LLC/S-Corp from day one.
BTC, I asked him about the sale of the blog and he claims it is not counted on the corp since it was owned by Casey, the person not Casey, the corp.
You may be right about S-Corp but he will be audited if he thinks he can claim everybit of revenue personally and throw his expenses at the corp.
He can't do business in any city without having a business license. After all, the cities want their cut as well. Could be interesting to see if Sacramento's county records show a business license for Able Buyer Inc?
Okay,
Casey operates a "business" address in Roseville. Under the law he needs to have a business license:
What is a business license?
A business license is an annual tax for doing business within the city limits of Roseville. Roseville Municipal Code requires that you obtain a license when you conduct any business activity within the City even if your business is located OUTSIDE the city limits or you have a business license from another city. Any business based in the City must have a license as well. This includes home-based businesses, building contractors, independent contractors, and non-profit businesses.
Conducting business in the City without a license can result in citations and fines.
Business licenses fees help pay for city services like roads, fire, police and other community services. These services benefit businesses, business owners, and the general public.
Did I also mention if Casey sold any of those e-books he is required, by California law, to collect sales tax.
If it's a product, it gets taxed.
Casey doesn't understand the concept of taxes just like he doesn't understand the concept of borrowing. Why would he be bothered with either of those things? He's been exploiting both of them for a while without really facing any consequences. If he gets audited, he will just feign ignorance and set up a payment plan that he will not honor.
Anon,
The BOE will care. Trust me they will care. They have people who scour the internet looking for sellers not charging California Sales Tax.
Casey's so flagrant about what he does, I wouldn't doubt it if they threaten him with fines.
"If he gets audited, he will just feign ignorance and set up a payment plan that he will not honor."
Well, if he does that he can't ever have a bank account or a job.
I think at that point he will just give in and get a job. Other options will be worse than working, even for an extremely lazy person. I'm sure he is pursuing other scams to avoid work, but he has already reached his limit of what he can get away with at this point.
Anon - I would be amazed if any bank would let him open a new account at this point. He's in default on multiple credit cards and has other items in collections. Banks don't generally care about things like foreclosures, but they don't want to see someone that owes money to other banks.
I think he'll go a long, long way down before he comes down off his high horse far enough to get a job. He hates the very concept of employment, and, lacking any perceptible work ethic, he'd be a terrible employee. Even if he did deign to join the proletariat, he wouldn't last beyond the first couple of paychecks. If he does get work, it'll most likely be helping some crony with their scams -- herbal nonsense, or what have you -- where the employer doesn't care or doesn't check his background, and doesn't make him do any real work anyway.
The kid needs to nail on new roofs or hang drywall for a year. Fix him right up.
WWTF, BTC, you guys met him in person.
Is he really as lazy as everyone says? I know he gets all bi-polar and obsesses about projects for days straight, then drops them unfinished.
But is he also truly lazy? What does Nigel think?
Anon,
It would actually be better if he were even lazier than he currently is. Casey is one of those rare cases where if he just did nothing at all for the last 3 years, he would be better off and so would everyone else. And he hasn't even hit his bottom yet. Most people would have after the first bad house flip. This is why he needs to have some serious legal/IRS problems now, because he won't stop on his own.
Dolph,
In general, a California corp must have three directors. However two-shareholder corps may have as few as two, single shareholder corps may have only one. I am not certain, but would guess that Casey's corp is a single shareholder organization with a single director and himself filling the three legally-mandated positions (CEO, CFO, Secretary).
Casey's Roseville address is just a mail drop, not a "business location." His "business location" would probably be his parents' place, or whatever he was actually "working." Since he apparently had some dick-pill 1099, he would also need to have a business license in whatever town that company is based in, if it's different from his own address.
What he described to me about how his taxes were going to be handled did not make sense to me. But again, he was talking about the 2007 taxes, when the corp wouldn't have owned anything anyway.
S-corps lend themselves to some particular abuses (related to payroll taxes) that made them a top IRS target for quite some time. For the most part, the point has been made and there are less of an issue with them these days. Let it suffice to say that if you're an S-corp owner (I am) and you pay yourself properly through a payroll service with all proper payroll taxes decduceted and paid, you will not have any problems. If you have lots of incomee and pay all or most of it out to yourself as dividends which are not subject to payroll taxes, then the IRS is likely to question the nature of the payments.
My accountant tells me he has very few S-corps audited, becasue he won't sign off on their taxes if he sees dividends greater than 30% of the salary paid to shareholders. You still can save a bit there, but not much anymore unless you're paying yourself a really tiny salary.
Casey said that the intent was to "move the corporate stuff to his personal return" because the personal and corporate were hopelessly intermingled. I can't see any way to easily do that given that there has been activity in the corporation this year and that you'd need to account for that even if you disbanded it and distributed the assets/liabilities to the shareholder. I suspect that converting to an S-corp is probably the most workable, but he'll definitely fall into the "high risk of audit" category.
These days an independent 1099 with signficant business deductions is far more likely to be audited than a well-organized and run S-corp, which is part of the reason many companies won't do individual 1099s anymore. If the individual gets audited and the IRS or FTB determines that in fact you were a de-facto employee, the employer will get called to the carpet too. Setting up an S-corp solves that problem for everybody concerned.
Of course, these things change from year to year. If you're setting up a business, do your own due diligence!
-btc
As to Casey's attitude toward work, I really have no idea.
I saw him for a couple of hours at the talkcast, then an hour or so the next day, and finally for 2 hours or so on the Sunday of that weekend when he jumped off the mountain.
He yapped endlessly about how passive income was the way to go and that people who worked were suckers, and that the only reason to work at all was to build up some money to invest in passive-income generating ventures, but that it was far better to just use OPM so that you never really need to work at all.
So, my general impression from what little talking we did was that he did truly believe that he could avoid work and clearly was excited about being superior to everybody else in that regard. It was hard for me to tell if it was out of laziness or out of a true belief that he had somehow found the answer, and thus felt that he just didn't need to work.
It was quite obvious to me that he didn't value much at all that couldn't be used to show off. He really couldn't respond when Funky and I pressed him about guys like Buffett, Kerkorian and a few others who live pretty modestly despite being billionaires, or guys like Andy Grove and Gordon Moore (who I once had the privelege of working for) who kept the whole company in cubicles and wouldn't even go for assigned parking spaces at Intel HQ because they felt it those perks were inappropriate. (Andy's comment once to somebody who asked: "I always have the same parking space, right next to the door. Anybody else can take it if they want. All you have to do is be here before me in the morning") Casey clearly lives to show off.
Even Nigel noticed this. He said that in discussing car purchases, it was obvious that the only things Casey seemed to attach much importance to were oversized rims and subwoofers. He didn't seem to know how to deal with the fact that (especially in a place like Utah where it snows) some practical considerations have to come in...
I have no idea what Nigel feels about his work ethic. I had a single email exchange with him that mentioned Casey lately, and his comment about what's going on lately was something to the effect of "maybe I was wrong."
-btc
BTC: "He yapped endlessly about how passive income was the way to go and that people who worked were suckers, and that the only reason to work at all was to build up some money to invest in passive-income generating ventures, but that it was far better to just use OPM so that you never really need to work at all."
This confirms every caricature of Casey (in regards to lack of willingness to work) put out by the Haterz. You could see the lack of effort in the 40-page version of his e-book (with the spelling mistakes, etc). Most lazy people are quite harmless, but in this case, you have a guy with just a little bit amount of knowledge on how to scam the system with delusions of passive income.
I thought that after the IAFF days, he'd learn some lessons but he hasn't--$65,000 in corporate debt (co-signed by his parents). What does he have to show for it?
I'm VERY curious where Casey will go from here.
I am curious where Casey will go as well. A lot of that depends on whether his parents take him back. I don't see him getting a job or acting responsibly, but his parents could give in. He also theoretically has all that GSPG stock, but he has been acting like it is not available as an emergency reserve. His parents might have the stock certificates and are preventing him from living off them.
Judging from his latest podcast ("semi-final") he is going to a mental institution.
A mental institution would do him good, but his parents would have to commit him, and I haven't seen any evidence that they are going to
Casey is done and he knows it. He had been holding back the e-book idea as the ace of his sleeve for a while. I think he was talking about it with Nigel over a year ago. Now that it's clear that he's not going to make money from that and there's no way he's going to get credit, he knows he's out of options. The only thing he has left is the vague "I've got some things going for me that I can't talk about". I think that's one of the reasons why he was so slow in getting the e-book out (even more so than laziness). He didn't want to face the reality that it wouldn't succeed and it couldn't be a failure until it wa finished. Casey values the anticipation of success as much as he values actual success.
It's funny to listen to his "end of times" predictions. I went to a Pentacostal high school where they would try to scare people with this stuff all the time. I remember they showed us a video where they claimed the dragon with a certain number of horns in Revelation represented the European Union because that's how many members they had. When I pointed out that the video was outdated because the EU had recently added three more members, they quickly changed the subject. Another funny one was when they claimed Lucent Technologies (a very hot company at the time) was short for "Lucifer Technologies" and was designed to support the Anti-Christ when he rose to power. I disagreed and said that "Lucent" came from the Latin word "lucere" meaning "to shine" (like "translucent"). Much to my amusement, they acted like I was making that up and changed the subject again. I can see where someone with a reality distortion field like Casey would be attracted to people like that.
I just wasted 13:09 minutes of my life listening to the semi final episode.
Forget Casey-what does this say about me? Why am I (are we) compelled to follow this saga? Is it really just the train wreck phenomena?
My prediction is Casey joins a truther "2012" survivalist cult. All he needs is some charismatic dude willing to give Casey a little positive reinforcement ("Casey, you are so much smarter than everyone else-you see through the MSM controlled by the Illumnati-you see the truth and love Jesus Christ"). Can you imagine how quickly Casey would agree with that and join? What else does he have, he'll literally be giving up nothing.
There is one issue, the men in these cults only have so many women to go around. So the men better be very useful.
What good is a lithe, pretty, dainty, 24 year old blond boi ? ...
Casey is done. He has no income contrary to what he is saying. If you count selling stock at a loss income, than I am wrong :)
If you don't watch out FC, your site will be more popular than TC!
After failing at virtually every endeavor he's undertaken in his adult life, Casey is now turning to the only two places he can: religious zealotry and conspiracy theory. Both serve the same purpose, which is to abdicate him of all responsibilities for his actions. By invoking the specter of global conspiracies to control the world's economy, Casey is essentially saying his failures in business and real-estate were due to him taking part in a rigged game in which it is impossible to win. The religious zealotry provides the cover of salvation from past transgressions. Casey's trajectory on this latter point is already discernible. His concern over the California same-sex marriage proposal is a vehicle for excusing his own failed marriage. The logic is as follows: His marriage didn't fail because of him. Rather, it failed because the very institution of marriage has been rocked to the core by the state of California's acceptance of same-sex marriages. In essence what we are witnessing is a classic example of a total failure of a human being assigning blame for his failures to everybody but himself, and then running for cover under the umbrella of religion, which absolves him of sin and makes him a good person again.
Fortunately, since Casey was narcissistic enough to post his story to the worldwide public, this latest scheme will be called out for what it is: a shameless scam by a shameless scan artist.
Casey's quitting again!!
And he changed the semi-final podcast to final (lazy as always-can't even get one more podcast).
He's already editing his post.
Some things never change.
By the way, my captha word is "grins".
This is like the 7th time he's shut down his site. I predict that he'll be back up in three weeks, two if GSPG gets above 0.02/share. The best part of that post is when he talks about "getting his finances in order". That's like saying you are going to "tidy up the living room" right after a tornado has mowed down your house.
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