Normally, I would make my first post on IBC about who I am and what you can expect from me, and we’ll get there, but right now we have more pressing matters to discuss. I am more worried about you fine folks’ finances than I am about you getting to know me.
The picture in the header is (might have to click it), from what I can tell, an active Ponzi scheme. I started watching this about a week ago after a colleague called me to get my opinion since they know someone who invested. Within about 90 seconds this was an easy call: They never lose a single trade EVER. In November the balance was around $150k and is now over 5 billion, they say they’re cashing clients out through money orders (except when they forget how mail works), and so on.
I generally believe that IBC readers are a rather intelligent community (sans some in comments section), but getting trapped in a scam is something everyone falls for from time to time. It isn’t a matter of how smart someone is, rather who is susceptible to the allure of the object being offered. The object can be straight up cash as in this example, or the guy who called me years ago to wire money to someone he never met for a boat he never saw (nice picture though), or, my favorite, the online dating person who falls for someone just looking to sample all the best NYC restaurants.
It may seem very obvious to us, in this scheme you fund the account by PayPal (now shut down) and they’ve been having issues with the mail. They get every binary option trade right for months, but putting a check in the mail, whoa, now that’s complicated. But like a dog chasing a ball into traffic, the lure causes their logical brain to skip a beat. And once you’re in …. you’re in baby. In this case, the victim lashed out against us, probably out of embarrassment. He refused our plan for him to request a $3k check—wouldn’t want to get kicked out would you? It’s not the victim’s fault even in the slightest.
Two things:
- There are assholes in this world, completely lacking in any human decency, and they wouldn’t think twice about knifing you stem to sternum for your Nikes.
- Due to this unfortunate situation, you need to have people you trust around you. Simply uttering the phrase “Does this seem like complete bullshit to you?” will save you. You need to listen to them when they raise a flag.
Whether that person for you is a spouse, financial advisor, attorney, an ex-girlfriend who’s also a lawyer (FML) or whoever, it doesn’t matter. Checking in and listening to these folks will help insulate you from making obviously poor life choices.
I’ll be back later to introduce myself and give market views. Tonight I was concerned about another aspect of your financial life (thank God for me).
For now, I’m Chris and I overuse parentheticals.
Sinatra – Mack the Knife
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