Accountant Jason Thornton reacted to controversial “Financial Strategist” Marcus Barney allegedly teaching people how to commit bank fraud.
Barney, who calls himself “him500” on social media, teaches his 285,000 Instagram followers how to become recession proof by following his insider advice.
Thornton breaks down him500’s latest video in which him500 teaches people how to obtain $100,000 in cash from Navy Federal by twisting the truth a little bit.
Him500 claims all you have to do is go into Navy Federal with the vin number of a car valued at the loan amount you’re applying for. Navy Federal will cut you a check for $100,000 within 24 hours, according to him500.
Since you never intended to buy the car, you won’t have the title to present to the bank within 90 days.
Him500 claims the bank will simply convert the car loan into a personal loan and you keep the cash.
Thornton says him500 is teaching bank fraud and anyone who follows his advice will end up in federal prison.
Him500 responded to Thornton’s criticism on Instagram.