The comedy is so absurd crates of cash stuffed into vans, bumbling criminals in wigs, a loyal armored-truck driver on the run to Mexico that it feels made-up.
But here’s the surprise: Masterminds is based on one of the most outrageous true-crime stories in U.S. history.
Let’s dive into the real-life heist, the man behind the madness, and how truth mixed with comedy to create one unforgettable film.
The Real Story Behind Masterminds
Before it became a Hollywood farce, the Loomis Fargo & Co. robbery in Charlotte, North Carolina was a serious crime.
On October 4, 1997, an armored-car employee named David Ghantt decided to do the unthinkable: steal nearly $17.3 million from the vault he was paid to guard.
Ghantt wasn’t your typical criminal. He was a quiet, hard-working man an Army veteran earning around $8 an hour. Feeling underappreciated and drawn by affection for a coworker, he made a desperate choice that would change his life forever.
Meet David Ghantt The Man Who Risked It All
David Ghantt, born in 1968, worked as a vault supervisor at Loomis Fargo.
He was reliable and responsible, but he felt invisible.
Then came Kelly Campbell, a former coworker who had left Loomis months earlier. She and Ghantt developed a close friendship some say a flirtation that turned into talk of “one easy score.”
Campbell introduced Ghantt to Steve and Michelle Chambers, a couple living in Gaston County. They convinced him that with his inside access, they could pull off a massive robbery and split the fortune. Ghantt, who dreamed of adventure and affection, agreed.
The Night of the Heist
On that October night, Ghantt waited until his coworkers left.
He loaded bag after bag of cash so much that the surveillance cameras captured every moment.
Before escaping, he took one security tape and left another behind by mistake a detail that would later help investigators.
He then fled to Mexico, carrying about $50,000 the legal limit to cross the border without declaration. The rest of the money stayed with his accomplices back home, who promised to send more later.
How the Plan Fell Apart
At first, it seemed Ghantt had pulled it off. He settled in Cozumel, Mexico, living modestly under a false name. But back in North Carolina, things unraveled quickly.
Steve and Michelle Chambers couldn’t resist spending the money.
They bought luxury cars, a mansion, and piles of expensive jewelry drawing immediate suspicion.
Neighbors started wondering how an unemployed couple suddenly became millionaires.
Meanwhile, Ghantt waited for his share. The couple sent him occasional payments through intermediaries, but he began to realize they might be double-crossing him.
The FBI, tracking unusual spending patterns and phone calls, soon connected the dots.
How Did David Ghantt Get Caught?
Ghantt’s capture was almost cinematic.
After five months in hiding, the FBI traced phone calls between him and Campbell. Agents found him on March 1, 1998, in Playa del Carmen, quietly living in a small hotel and reading Soldier of Fortune magazines.
He didn’t resist arrest. “I knew they’d catch me someday,” he later told reporters.
By then, the FBI had already raided the Chambers’ mansion and recovered millions in cash hidden in garbage bags, barrels, and storage units.
What Happened After the Arrest
In total, 24 people were charged in connection with the Loomis Fargo robbery.
David Ghantt pleaded guilty to bank larceny and was sentenced to seven years and eight months in federal prison.
He served just over five years before being released in 2003.
After prison, Ghantt rebuilt his life.
He returned to construction work, married his long-time sweetheart, and eventually became a public speaker, sharing lessons about choices, greed, and redemption.
In interviews, he’s often humble and even humorous about his past, saying he’s lucky to have survived it all.
How True Is the Movie Masterminds?
The short answer: It’s mostly true but played for laughs.
Director Jared Hess and writers Chris Bowman and Hubbel Palmer based the script on court documents, FBI files, and interviews.
However, they exaggerated many moments for comedy:
| Real Event | Movie Version |
|---|---|
| Ghantt’s calm escape to Mexico | A chaotic, slapstick getaway with disguises |
| The Chambers’ greed and carelessness | Over-the-top caricatures of criminal incompetence |
| FBI’s diligent investigation | A mix of real detective work and comic missteps |
| Ghantt’s quiet remorse | Portrayed with lighthearted charm by Zach Galifianakis |
The tone may be silly, but the backbone of the story the heist, betrayal, and arrests is true.
The Real People vs. The Movie Characters
| Real Person | Movie Character | Played By | Notes |
|---|---|---|---|
| David Ghantt | David Ghantt | Zach Galifianakis | Based directly on the real man, though made more naive and goofy. |
| Kelly Campbell | Kelly Campbell | Kristen Wiig | True to the real ex-coworker who helped plan the theft. |
| Steve Chambers | Steve Chambers | Owen Wilson | Accurately portrayed as manipulative and flashy. |
| Michelle Chambers | Michelle Chambers | Mary Elizabeth Ellis | Reflects the greed and chaos of the real story. |
| FBI agents | Various composites | Leslie Jones, Jason Sudeikis | Fictional blends of investigators who worked the case. |
Where Is David Ghantt Now?
Today, David Ghantt lives a quiet life far from crime headlines.
He’s reportedly based in Florida, working in construction and occasionally appearing at speaking events.
He’s shared his story on podcasts and documentaries, focusing on second chances rather than shame.
In his own words:
“Money can make you stupid. I thought I’d found freedom, but real freedom came after I took responsibility.”
That human reflection is what separates Ghantt from the reckless characters who betrayed him.
Lessons from a Comedy Crime
While Masterminds is funny, the real heist was a cautionary tale.
It showed how greed, loneliness, and poor choices can spiral into disaster.
The humor works because it contrasts absurd actions with the very human emotions behind them longing, loyalty, and regret.
Ghantt wasn’t a hardened thief. He was an ordinary man who made an extraordinary mistake.
Behind the Scenes: Turning Crime into Comedy
When producer Lorne Michaels (of Saturday Night Live fame) joined the project, he saw potential for “Southern fried chaos” a mix of real tragedy and ridiculous behavior.
Filming took place in North Carolina and Georgia, close to the actual crime locations, to preserve authenticity.
Zach Galifianakis, himself a North Carolina native, reportedly studied Ghantt’s accent and demeanor to add realism beneath the jokes.
Ghantt even visited the set and later praised the cast for treating his story with humor but also humanity.
Why Audiences Still Love the Story
The Loomis Fargo heist remains one of the most memorable crimes of the late 1990s.
It combined all the elements of a Hollywood plot money, betrayal, escape, and karma but it really happened.
Viewers are drawn to Masterminds because it lets them laugh at something that could have ended much darker.
In the end, truth really was stranger than fiction.
The Final Takeaway
So, is Masterminds based on a true story?
Yes and that’s what makes it so unbelievable.
Every absurd twist has roots in reality: the loyal worker turned outlaw, the greedy partners who blew their cover, and the FBI patiently closing in.
Jessica Savitch would remind us that behind every headline there’s a human being.
In this case, that human was David Ghantt a man who stole millions and found redemption worth far more.
Jessica Savitch, with a deep passion for journalism, brings her expertise to istruestory.com as a dedicated author. MA in Arts & Journalism.