While I hope that somehow he found a loophole and really did get one over on the bank.
But my normal impression on this type of claim is that it's not true. It ends up being either the person is too embarrassed to talk about how he lost his property. Or he comes back at some later time trying to sell you the information on how you can game the system like he did.
If he comes to you for money in the not too distant future, you'll know the answer. If he never mentions is again, it was either true or he lost that property.
My bet is he's setting up a scam.