Some people NEVER Learn

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Seasoned Oak

Seasoned Oak

Minister of Fire
Oct 17, 2008
7,215
Eastern Central PA
Key danger ahead words "for a small investment you could make a fortune" WHen you hear these or similar phrases run the other way.
Doctors, Lawyers ,Accountants. Dont these college educated people(along with everyone else) have any common sense.
$600 million in one small town.
A friend of mine tried to get me into one of these things,had his ex wife in,his kids, some of his friends.
I tried to talk him out of it but he got mad at me. They all lost their shirts.
Dont let greed take over your sense of reason.

http://www.usatoday.com/story/money...rities-600m-scheme-incubated-nc-town/2037975/
 
Seasoned Oak said:
Key danger ahead words "for a small investment you could make a fortune" WHen you hear these or similar phrases run the other way.
Doctors, Lawyers ,Accountants. Dont these college educated people(along with everyone else) have any common sense.
$600 million in one small town.
A friend of mine tried to get me into one of these things,had his ex wife in,his kids, some of his friends.
I tried to talk him out of it but he got mad at me. They all lost their shirts.
Dont let greed take over your sense of reason.

http://www.usatoday.com/story/money...rities-600m-scheme-incubated-nc-town/2037975/
Click to expand...

A local guy just got convicted on a ponzi scheme. He was guaranteeing 12% interest. Some folks turned their entire life savings over to him. He bought Ferraris. Maseratis, BMW's, took expensive vacations, and was building a 12K sq foot house on a lake near here. Recovery will be only pennies on the dollar. I noticed that his fraudster crew all were former life insurance salesmen, mostly from prudential. A number were financial planners - he was paying 20% commissions for referrals.
 
so the e-mail I received guaranteeing me 2 million in return for investing 100,000 is fraudulent????
 
A few years back a new guy at work wanted me to invest with a company he worked for. He guaranteed me it would pay 13%. 2 years later he was arrested for selling stolen items on Craigslist, big suprise!
 
Jack Straw said:
A few years back a new guy at work wanted me to invest with a company he worked for. He guaranteed me it would pay 13%. 2 years later he was arrested for selling stolen items on Craigslist, big suprise!
Click to expand...
I already make 10-15% on all my investments. But i dont want to do it with someone elses money,except my local banks. If i pay 3% to the bank i still make over 10%.
YOU know the old saying "A fool and his money are soon parted"
 
Terribly sad story. I was always told if it is too good to true, it is.

I have friends that investigate these types of scams and they make for an emotional mess. The victims never get their investment/money back. If they are lucky they get $0.15/1$.

In Canada there was a large ponzi scheme in Montreal and the Royal Bank had been used by the suspect. The victims collectively sued the bank (the fraudster was putting money into RBC and created a scheme with those funds) and won a settlement!

http://www.cbc.ca/news/canada/montreal/story/2012/03/06/royal-bank-earl-jones-fraud-lawsuit.html

Andrew
 
A number of years ago there was a Ponzi scheme going around town . . . at the time I was a stringer for the local newspaper so I wrote up a story . . . lots of folks were quite mad at me and were still claiming it was perfectly legal . . . most were pretty smart folks . . . guess greed sometimes gets in the way of common sense.
 
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