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Some people NEVER Learn

Post in 'The Inglenook' started by Seasoned Oak, Mar 30, 2013.

  1. Seasoned Oak

    Seasoned Oak Minister of Fire

    Joined:
    Oct 17, 2008
    Messages:
    3,953
    Loc:
    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/

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  2. bubbasdad

    bubbasdad Burning Hunk

    Joined:
    Feb 12, 2012
    Messages:
    103
    Loc:
    Howell, Michigan.
    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.
  3. ironpony

    ironpony Minister of Fire

    Joined:
    Jan 22, 2010
    Messages:
    2,012
    Loc:
    mid-ohio via St.Croix USVI
    so the e-mail I received guaranteeing me 2 million in return for investing 100,000 is fraudulent????
  4. hossthehermit

    hossthehermit Minister of Fire

    Joined:
    May 17, 2008
    Messages:
    2,485
    Loc:
    Maine, ayuh, by gorry
    Say it ain't so, ironpony .......
  5. Jack Straw

    Jack Straw Minister of Fire

    Joined:
    Dec 22, 2008
    Messages:
    2,161
    Loc:
    Schoharie County, N Y
    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!
  6. Seasoned Oak

    Seasoned Oak Minister of Fire

    Joined:
    Oct 17, 2008
    Messages:
    3,953
    Loc:
    Eastern Central PA
    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"
  7. Swedishchef

    Swedishchef Minister of Fire

    Joined:
    Jan 17, 2010
    Messages:
    2,964
    Loc:
    Quebec, Canada
    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
  8. firefighterjake

    firefighterjake Minister of Fire

    Joined:
    Jul 22, 2008
    Messages:
    16,181
    Loc:
    Unity/Bangor, Maine
    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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