I Was Scammed By A NASCAR Impersonator

Summary

Podcast Summary: "I Was Scammed By A NASCAR Impersonator"

Podcast Information:

• Title: The Ramsey Show Highlights
• Host/Author: Ramsey Network
• Description: A quick, daily dose of advice on life and money in under ten minutes, featuring experts like Dave Ramsey, Ken Coleman, Rachel Cruze, Dr. John Delony, George Kamel, and Jade Warshaw. Part of the Ramsey Network, delivered seven days a week.
• Episode: I Was Scammed By A NASCAR Impersonator
• Release Date: June 20, 2025

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Introduction to Mark’s Experience

The episode opens with Mark recounting his harrowing experience of being scammed by someone he believed to be NASCAR driver Denny Hamlin. Mark explains how a seemingly genuine online friendship quickly devolved into financial exploitation.

Mark:

"I friended somebody on Facebook who I thought was NASCAR driver Denny Hamlin. And we developed a friendship and it quickly turned financial and I thought it was Denny Hamlin. And it became all about my money."
(00:11)

The Scam Unfolds

Mark details the progression of the scam, starting with the purchase of multiple $500 gift cards. He was led to believe that Hamlin's briefcase was stuck in customs with expired documentation, prompting further financial requests.

Mark:

"I ended up doing like six $500 gift cards. And I was told that he had a briefcase stuck in customs and his documentation to get it inside the United States expired."
(00:58)

As the situation escalated, Mark made a withdrawal from his 401k to cover the supposed logistical issues, only to find that the briefcase remained in customs. This led to additional loans against his other 401k accounts, culminating in a total loss of approximately $100,000.

Mark:

"I ended up doing more loans on my other global foundries 401k and I lost like a hundred thousand dol."
(00:58)

Immediate Reactions and Support

Upon realizing he was scammed, Mark reached out to various authorities, including the FBI and the US Secret Service. Despite his efforts, he received little to no assistance, compelling him to seek guidance from his lawyer, who was initially helpful but eventually became unresponsive.

Mark:

"I called the US Secret Service, I called the FBI, I called the state police, I called Barry police, and you name it, I called it. And one by one, everybody just left me."
(02:02)

A Supportive Friend empathizes deeply with Mark, acknowledging the sophistication of modern scams that can deceive even the smartest individuals.

Supportive Friend:

"These scams these days are getting so sophisticated that the smartest people out there are still falling for this stuff. And I'm sorry that you were the next victim."
(01:09)

Assessing the Aftermath

Mark shares his current financial status, revealing that his 401k balance is $146,321, contrary to his initial assumption of losing $100,000. He outlines his low expenses, including $1,000 for rent, $60 for phone, and $50 for Wi-Fi, alongside an annual income of approximately $60,000.

Mark:

"I looked at my balance as of today and it was 146,321. So it's not 100,000 like I thought it was."
(03:49)

Emotional and Financial Guidance

A Financial Advisor and the Supportive Friend step in to provide Mark with both emotional support and practical financial advice. They acknowledge the emotional trauma Mark is experiencing, likening his financial loss to being "financially raped."

Financial Advisor:

"You have to feel that feeling and then go do the next right thing. ... we just got to start again financially."
(05:29)

The team emphasizes the importance of rebuilding rather than chasing the elusive recovery of funds lost to the scam. They discuss creating an emergency fund, maintaining low expenses, and investing consistently to secure a stable retirement despite the setback.

Supportive Friend:

"If you just invested 15% of that $60,000 income, ... you could have a million dollars in that 401k and retire with dignity."
(07:56)

Practical Steps Forward

Mark is advised to refrain from accepting financial help from friends to avoid further complications and emotional distress. Instead, he is encouraged to utilize resources such as budgeting tools and financial planning books to navigate his recovery.

Financial Advisor:

"I would recommend not taking that money ... part of your healing will be in the sweat equity of earning that $3,000."
(09:27)

A Supportive Friend offers additional resources, promising to send Mark a copy of the book Breaking Free from Broke, which outlines step-by-step strategies for increasing income, cutting expenses, and eliminating debt.

Supportive Friend:

"I'm going to send you a copy of my book, Breaking Free from Broke."
(10:01)

Conclusion and Final Thoughts

The episode concludes with the collective encouragement for Mark to focus on rebuilding his financial foundation rather than dwelling on the loss. The advisors emphasize resilience, strategic saving, and future planning as keys to overcoming the financial and emotional impact of the scam.

Financial Advisor:

"We’re going to start building it back ... Problem solved. Onto the next one."
(06:16)

Supportive Friend:

"I want you to work this one off. It's going to be my sweat tax. It's going to be my reminder to never get into an online relationship like that again."
(09:28)

Key Takeaways

1. Awareness of Sophisticated Scams: Even individuals who are financially savvy can fall victim to highly sophisticated scams, especially those that exploit personal relationships.

2. Importance of Emotional Support: Dealing with financial loss involves significant emotional strain, and having a support system is crucial for recovery.

3. Rebuilding Financial Stability: Focus on rebuilding savings, maintaining low expenses, and consistent investing can help recover from financial setbacks.

4. Avoiding Future Pitfalls: Learning from past mistakes involves setting boundaries in financial dealings and avoiding blending personal relationships with financial transactions.

5. Utilizing Resources: Leveraging financial planning tools and educational resources can provide structured guidance in navigating financial recovery.

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This episode serves as a poignant reminder of the importance of vigilance in online interactions, the value of emotional resilience, and the practical steps necessary to rebuild after significant financial loss.

Transcript

[Zander Insurance Representative]

Brought to you by Zander Insurance. Compare rates from top term life insurance companies in [e-mail] I friended somebody on.

[Mark]

Facebook who I thought was NASCAR driver Denny Hamlin. And we developed a friendship and it quickly turned financial and I thought it was Denny Hamlin. And it became all about my money. And I ended up doing like six quandy $500 gift cards. And I was told that he had a briefcase stuck in customs and his documentation to get it inside the United States expired. So I ended up doing a withdrawal on my 401k and killed my IBM 401k. And then it kept being held in customs and I ended up doing more loans on my other global foundries. 401k and I lost like a hundred thousand dol.

[Financial Advisor]

Oh man, I'm sorry, dude.

[Supportive Friend]

That's awful. I'm so sorry, Mark.

[Financial Advisor]

I know it didn't make you feel any better, but people are getting. People getting scammed right and left all over. All over the world, man. I'm sorry.

[Supportive Friend]

And it's smart people too. So the easiest thing to fall for is, well, I'm just a big idiot. It could happen to anyone. These scams these days are getting so sophisticated that the smartest people out there are still falling for this stuff. And I'm sorry that you were the next victim. When did you realize that this was a scam?

[Mark]

It was later on. This happened like February. It started February of last year. And it started out with like five or six, six $500 gift cards. And from there it went to him saying his documentation to get his stuff inside the US expired. And then it went to his bank, was dragging his feet and he needed to have me do another loan. And I just.

[Supportive Friend]

How did you send all this money?

[Mark]

It was by a cashier's check. And I sent it to place in, I believe in Virginia. In Virginia. And I had the police. No, it was in Arkansas. Sorry, Arkansas. And I had the police in Arkansas looking at it. I called the US Secret Service, I called the FBI, I called the state police, I called Barry police, and you name it, I called it. And one by one, everybody just left me. And my lawyer said that I needed to have a different type of lawyer. My lawyer was helping me out for quite a while. And then my other lawyer has not really gotten back in touch with me.

[Supportive Friend]

So let's pretend that there's a worst case scenario where we just have lost this money and we have to rebuild. Where are you at today?

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[Supportive Friend]

Where are you at today?

[Mark]

I just barely looked at my 401k and I thought that I had. I thought originally it was like 200,000, which to me was. Alright, consider it's just me because I'm divorced. How old are you? I am 54.

[Supportive Friend]

Okay.

[Mark]

And I looked at my balance as of today and it was 146,321. So it's not 100,000 like I thought it was. It's 146.

[Supportive Friend]

Okay. Do you have any debt today?

[Mark]

No. The only thing I do, I pay $1,000 for rent and that's heat, hot water, utilities, trash, recycle, and then I pay $60 for phone and then I paid like $50 a month for wi fi and that's it. Good.

[Supportive Friend]

So you have low expenses. What do you make a year?

[Mark]

I make about 60,000 a year. My pay per hour is 2471.

[Supportive Friend]

Okay, so how can we help today?

[Mark]

I'm scared and I'm fearful and I'm wondering what to do.

[Supportive Friend]

What are you scared of specifically?

[Mark]

Finances. Worrying how I'm going to afford things. What happens when I need a car, how do I get my money back that I lost?

[Financial Advisor]

I think you have to go in when everything feels overwhelming. I think you have to go in a particular order and go slower than you think. Here's what I mean. In your guts, you want vengeance. You want to find out who hurt you. Who weaponized what you thought was a new friendship. Especially on the back end of a divorce when things are tough. Somebody weaponized what I think is the most sacred thing and that's a relationship. And. And then inside that relationship, somebody asked you for help and you're the kind of guy that helps. That hurts, man.

[Mark]

Yeah. And I feel like. I feel like I was financially raped.

[Financial Advisor]

It's fair enough. And so you want to go get all that money back. Your car transmission doesn't care about that. And so while this. I want to get it back. I want to find the guy I'm calling all the people. Like that's like, front and center in your guts, you feel that really heavy. When we're hurt like this, and it feels overwhelming, it's important to feel that feeling and then go do the next right thing. And in your case, we just got to start again financially. And it sounds caustic, but there's not another option. And so here's the good news. You have 150 grand.

[Mark]

Yes.

[Financial Advisor]

You didn't wipe it out. So we're going to start building it back. We're going to get an emergency fund built up. So we have. We're our own bank. And so when our car goes, we're not going to. We're going to be a couple of years away from getting the big, nice truck we wanted. Cool. We're going to be able to have money in the account just in case we need to go get a new Camry. Great. Cool. Problem solved. Onto the next one. On to the next one. And in the background, we'll do what we can. I don't know. I mean, the chances that you get this money back are very, very, very slim.

[Supportive Friend]

What I don't want is for this to consume you. Obviously, it already has. But for the next 10 years, you're just on this hunt in this search, and over time, it becomes more and more apparent it's not going to happen. And so I also don't want you to waste your time kind of chasing, going down this rabbit trail all for nothing. I'd rather you spend that time rebuilding than recovering. And so we can rebuild. You might have to work a few years longer than you wanted to. You're 54. I just crunched some numbers for you. If you just invested 15% of that $60,000 income, never got a raise, but you'd have to work till 70, you could have a million dollars in that 401k and retire with dignity, especially if you keep your expenses low. So I'm not worried that you're gonna, like, just go completely broke. I'm more worried about Mark as a person, emotionally and physically.

[Mark]

Thank you.

[Financial Advisor]

Can I give you, like, a homework assignment?

[Mark]

Kind of, yeah. So I know how you guys pay the jump start and go and pay off one bill and then do a snowball and go after the next bill. So a friend offered to pay off my small loan that I have.

[Supportive Friend]

I thought you said you had no debt.

[Mark]

Well, no, I. Those loans that I took out on my 401k, I have two loans on my 401k that I took out.

[Financial Advisor]

And how much are they?

[Mark]

Let's see. One is one is like 19,000.

[Financial Advisor]

Mm.

[Mark]

And the others like 3,000.

[Supportive Friend]

Okay. So is that your. All of your loans and debt? To be clear, you don't have any credit card debt, no car debt, just the 401k loans.

[Mark]

That's it.

[Financial Advisor]

I would not put money between you and yet another relationship.

[Mark]

No.

[Financial Advisor]

And so your friend is awesome. He's just like you. He's a guy who shows up and helps, wants to help. And you've tried that before, and you put money between you and what you thought was a friend and it went sideways. I would recommend not doing that, but I would also recommend you double clicking on that friendship because he's the kind of guy that will show up in the middle of the night to help you out. Pretty cool. And then say, hey, man, I love you. This is one I got to work through. Because part of your healing will be in the sweat equity of earning that $3,000.

[Mark]

This guy is probably one of the most godliest people I've ever met in my life.

[Financial Advisor]

It's awesome. That's awesome. I would recommend not taking that money. Even though it feels like an easy solution. I would recommend saying, hey, thank you. You prove like you, you showed up in the night for me and I'm grateful, but I want to work this one off. It's going to be my sweat tax. It's going to be my reminder to never get into an online relationship like that again. I don't loan money to friends. I might give it to you, but I got to look you in the eye before I hand it to you, Right?

[Mark]

Yeah.

[Supportive Friend]

Could you throw 3600 bucks a month toward these 401k loans if you got scrappy?

[Mark]

Could I do that?

[Supportive Friend]

Yeah.

[Mark]

No, I am.

[Supportive Friend]

How much could you throw at it?

[Mark]

I am. I am so broke that I can't do hardly anything. I'm. What I'm doing right now is I anticipated having to owe like 8, 880, 300 on the taxes from last year that is in debt and the negotiation.

[Supportive Friend]

Hang on the line. Mark. I'm going to send you a copy of my book, Breaking Free from Broke. It's going to walk you step by step through this, but it's going to take getting more income and cutting expenses and getting rid of this debt. Wishing you the best, man.

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