I was watching American greed some time back and this is the summary of what I saw
Scenario 1: Columbia, SC
some kid had gotten a scholarship to play baseball and two men who purported to be financial experts told him and his mom they would manage their money and invest it. These guys took them out to dinner and bought them a nice house and convertible. Soon after they began getting repo notices on the car and forclosure notices on the house. The mom tried calling these guys repeatedly to say they were running out of money but couldn't reach them. They eventually lost both The kid had to quit baseball because of lack of money. They realized they'd been conned when the guys told the son the mother was stealing money but she wasn't living the high life. She called a lawyer and a local FBI agent started digging into these men's background. They never invested a penny. They had also swindled other athletes out of millions of dollars. They couldn't get back any of the money even with the lawyer. One of them went to the federal penn for 7 month. Later on the kid went back to athletics this time playing football for university of south Carolina. The team needed a financial manager and this same man who had swindled the kid spoke to the team about fraud.
Scenario 2: Minnesota
A Ponzi scheme: Some guy purported to be a financial expert and ran a TV show where he taught people how to make their money work for them to make millions using certain software. He was so convincing the first set of investors started recruiting new investors. They became a team of 5 who went to a legitimate investment advisor and tried to sell him on the investment. He realized something didn't sound right with what they were saying. They promised a quarter percent investment daily which amounts to 90% yields if you factor 365 days. He also looked at the software and found it didn't work. The ringleader also came up with a scheme of finding gold in a sunken treasure to get more investors but the treasure was fictitious. One victim said he tried repeatedly emailed to ask about his investment with no answer and another said that when he went in person the ringleader would start changing the subject. Even though the ringleader passed himself off as a down to earth guy from Minnesota he and his sales team were living the luxury life off of the investors' money. The legit investor dedicated himself to helping the feds bring down the crooked sales team which he did.
Points to ponder:
how can some people be so convincing in passing themselves off as something they aren't?
when you see a brilliantly designed website or claims of outstanding results you should be cautious! The things that look the best in writing are usually scams!
Scenario 1: Columbia, SC
some kid had gotten a scholarship to play baseball and two men who purported to be financial experts told him and his mom they would manage their money and invest it. These guys took them out to dinner and bought them a nice house and convertible. Soon after they began getting repo notices on the car and forclosure notices on the house. The mom tried calling these guys repeatedly to say they were running out of money but couldn't reach them. They eventually lost both The kid had to quit baseball because of lack of money. They realized they'd been conned when the guys told the son the mother was stealing money but she wasn't living the high life. She called a lawyer and a local FBI agent started digging into these men's background. They never invested a penny. They had also swindled other athletes out of millions of dollars. They couldn't get back any of the money even with the lawyer. One of them went to the federal penn for 7 month. Later on the kid went back to athletics this time playing football for university of south Carolina. The team needed a financial manager and this same man who had swindled the kid spoke to the team about fraud.
Scenario 2: Minnesota
A Ponzi scheme: Some guy purported to be a financial expert and ran a TV show where he taught people how to make their money work for them to make millions using certain software. He was so convincing the first set of investors started recruiting new investors. They became a team of 5 who went to a legitimate investment advisor and tried to sell him on the investment. He realized something didn't sound right with what they were saying. They promised a quarter percent investment daily which amounts to 90% yields if you factor 365 days. He also looked at the software and found it didn't work. The ringleader also came up with a scheme of finding gold in a sunken treasure to get more investors but the treasure was fictitious. One victim said he tried repeatedly emailed to ask about his investment with no answer and another said that when he went in person the ringleader would start changing the subject. Even though the ringleader passed himself off as a down to earth guy from Minnesota he and his sales team were living the luxury life off of the investors' money. The legit investor dedicated himself to helping the feds bring down the crooked sales team which he did.
Points to ponder:
how can some people be so convincing in passing themselves off as something they aren't?
when you see a brilliantly designed website or claims of outstanding results you should be cautious! The things that look the best in writing are usually scams!
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