Another Ponzi - UK Based

[Al Gorithum]

Apparently people were gullible enough to believe promised returns of 60%...

https://www.msn.com/en-gb/news/uknews/fraudulent-c...

[basherX]

He’s a scumbag and the UK desperately needs universal financial education as part of the national curriculum, albeit some people will always invest in these things no matter how much they’re warned.

[chip*]

basherX said:

He s a scumbag and the UK desperately needs universal financial education as part of the national curriculum, albeit some people will always invest in these things no matter how much they re warned.

Scammer such as this will always be part of our society, since there is a revolving door of greedy individuals who wants to believe in these "get rich quick" schemes. IMO, no amount of financial education or regulation will change such greedy individuals.

[johnsmith222]

Folk have to be pretty dumb to expect 60% returns. I do feel for any senile folk getting scammed though.

What is a "City boss"? I'm imagining it's someone with BO55 on their numberplate.

[zsdom]

basherX said:

He s a scumbag and the UK desperately needs universal financial education as part of the national curriculum, albeit some people will always invest in these things no matter how much they re warned.

The biggest demographic of scam victims are the ones that are taught/of the mindset that anything money related is extremely private and must not be discussed in anyway shape or form.

[Simpo Two]

zsdom said:

basherX said:

He s a scumbag and the UK desperately needs universal financial education as part of the national curriculum, albeit some people will always invest in these things no matter how much they re warned.

The biggest demographic of scam victims are the ones that are taught/of the mindset that anything money related is extremely private and must not be discussed in anyway shape or form.

And perhaps those who are dissatisfied with savings interest rates and are unaware of any other forms of investment. For them it's a choice of 3.5% or 60%, and they believe what they read. That's the thing about conmen - enough people believe them.

[outnumbered]

Simpo Two said:

zsdom said:

basherX said:

He s a scumbag and the UK desperately needs universal financial education as part of the national curriculum, albeit some people will always invest in these things no matter how much they re warned.

The biggest demographic of scam victims are the ones that are taught/of the mindset that anything money related is extremely private and must not be discussed in anyway shape or form.

And perhaps those who are dissatisfied with savings interest rates and are unaware of any other forms of investment. For them it's a choice of 3.5% or 60%, and they believe what they read. That's the thing about conmen - enough people believe them.

The article mentions that a lot of Gurkhas were caught up in this, and there was the previous well known example of British Steel pensioners. As a Ponzi scheme manager, you'd be looking for exactly this, a tight community of people with little financial education, once you get a few hooked, they do all the sales work for you...

[Simpo Two]

outnumbered said:

The article mentions that a lot of Gurkhas were caught up in this, and there was the previous well known example of British Steel pensioners. As a Ponzi scheme manager, you'd be looking for exactly this, a tight community of people with little financial education, once you get a few hooked, they do all the sales work for you...

Yes indeed.

A friend of mine got caught up in a Ponzi scheme about 10 years ago, recommended by a friend. She lost about £10,000. Intelligent person but financially very naïve. Her boyfriend, an accountant, told her NO! but she still did it.

[Al Gorithum]

An ex-friend of mine is caught up in the Skyway con. He still doesn't realise that he's been scammed out of his life savings, and continues to try to convince friends and family to invest.

I have no sympathy or respect for anyone who tries to involve friends and family to invest in anything.