The so-called "Faux" or "Fake" Paul McCartney a.k.a. William Shears Campbell (sometimes William Shepherd) who adopted McCartney's persona after the latter died in a car crash in November 1966. Believers of the Paul is dead conspiracy use it as a derogatory term for the singer/songwriter.
Guy 1: Hey guys, did you hear Paul McCartney's new album?
Guy 2: Is that guy still alive?
Guy 3: No, he died in the 1960's -- that's Faul's new album.
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