New Ponzi scheme fiy

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CedarWaxWing
Posts: 651
Joined: Sun Nov 02, 2014 12:24 pm

New Ponzi scheme fiy

Post by CedarWaxWing » Tue Jun 19, 2018 5:04 pm

https://www.marketwatch.com/story/sec-s ... 2018-06-19

One of many reasons I have less and less confidence in small finance firms... especially if they think they can or should ever be able to do the transactions in house or are unaudited in a way that allows reviews of the audits.

It would seem that some QC measures by the investors checking out the old FA places would have been in order, but those who then sold their businesses to these clowns should have known better than to sell the accounts to someone who was in a position to withdraw funds from the account and redirect those funds.

bob60014
Posts: 727
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Location: The Land Beyond ORD

Re: New Ponzi scheme fiy

Post by bob60014 » Tue Jun 19, 2018 7:44 pm

As bad as this is, the worst are the title loan programs, payday loans and other juice loan type operations that prey on the low income, uneducated and desperate people.

drawpoker
Posts: 2055
Joined: Mon May 19, 2014 6:33 pm
Location: Delmarva

Re: New Ponzi scheme fiy

Post by drawpoker » Tue Jun 19, 2018 8:38 pm

Sorry. Can't work up much sympathy for the victims here.

"guaranteed double-digit returns" ? C'mon, that should have been a red flag for anyone

Suggested new headline for this news article " "637 Fools & Their Money Parted"

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bottlecap
Posts: 5880
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Location: Tennessee

Re: New Ponzi scheme fiy

Post by bottlecap » Tue Jun 19, 2018 9:36 pm

bob60014 wrote:
Tue Jun 19, 2018 7:44 pm
As bad as this is, the worst are the title loan programs, payday loans and other juice loan type operations that prey on the low income, uneducated and desperate people.
The lowest of the low are state-run lotteries, though. At least title loan places have competition to keep them honest.

JT

audioaxes
Posts: 126
Joined: Tue Feb 13, 2018 7:16 pm

Re: New Ponzi scheme fiy

Post by audioaxes » Tue Jun 19, 2018 9:41 pm

I wonder if there are people (who are not part of the scheme) who knowingly get in early on a obvious ponzi scheme and cash out before it collapses

Tamalak
Posts: 563
Joined: Fri May 06, 2016 2:29 pm

Re: New Ponzi scheme fiy

Post by Tamalak » Wed Jun 20, 2018 1:40 pm

drawpoker wrote:
Tue Jun 19, 2018 8:38 pm
Sorry. Can't work up much sympathy for the victims here.
Yep. Bulls make money, bears make money, pigs get slaughtered.

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