I worked on this cut and then, not surprisingly found it described elsewhere in a magic book. I call my version the stepladder cut because it seems similar to the up-the-ladder cut, but with only one step. Here is a video of my practicing the cut at Starbucks (and yes I spend too much time at Starbucks.)
This is a very disarming false cut, it looks very natural. Unlike the other false cuts I have described, this one technically is a true single cut that looks like a multiple cut. By doing the cut twice it becomes a false cut.
Note that this cut looks much better viewed from above than it does in the video, which was shot from a laptop camera.
Start with the deck held in the right hand between the middle finger and thumb gripping the deck from above. The grip is towards the right side of the deck giving room for your right first finger to lift up about half of the deck (packet 1) to start a kick cut into the left hand.
Do another kick cut with the right first finger lifting about half of its remaining cards (packet 2) and cutting those onto the cards in the left hand. The left little finger keeps a break between the two packets (packet 1 is on the bottom in the left hand, packet 2 is on top of packet 1 with a little finger break between them, and packet 3 is in the right hand)
[ Note that this is the point where you will start your second cutting action after the first set of cuts is complete ]
Now it gets a little tricky. As you bring packet 3, in the right hand, over the cards in the left hand, you are going to switch packets 2 and 3. As packet 3 comes over the cards, turn your left wrist slightly clockwise and slightly open the left fingers. The left little finger is holding a break.
Right hand removed showing side jogged position of packet
Between the wrist turn, the fingers opening, and gravity, packet two should shift to a side jogged position. Place packet 3 on top of the cards aligned with packet 1. As you do this your right fourth finger and thumb will grasp the side jogged packet 2 and your left thumb will press down on the top outer left corner of packet three to hold it in place.
Your right hand pulls out packet 2 and as packet 3 falls onto packet 1 you keep a left little finger break between the packets (1 and 3). Then place packet 2 on top, keeping the break. The order of the packets from the top is 2, 3, and 1. You have done a single cut.
Now you are going to repeat the moves. You have a break held, so lift up the cards above the break with your right hand and tilt the left hand and let those cards shift slightly to the right. Place the right hand cards into the thumb crotch of the left hand clipping them in place with the left thumb. At the same time, the right middle finger and thumb grasps and pulls the lower packet of the left hand out.
Now go back up this page to the note that says "this is where the second cutting action" begins.