Fraudsters/Con men (or women :D )

Started by Milltown Row2, November 28, 2018, 01:23:46 PM

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Milltown Row2

Fraudsters

Was watching Spotlight on the other night and these fraudsters, or con men for the want of a better word were ripping people's life savings off with very clever financial techniques, with fancy offices and tailor made suits these guys had the appearance of a genuine profitable financial company with a great looking website and profitable returns promised!

The ploy was asking people for money which they said they would hold and if anything, lets say went tits up (not their words) they would still have their £10,000 safe, but should things work out as they see the market go then that £10,000 could turn into 20 or 30 grand very quickly, now obviously they went into a lot of detail with how they would do it and so on, but at the end of the day they were just stealing people's savings and they never paid it back as the contracts were made up in such a way that they held all the aces regardless of the promises that the initial loan was always going to be safe!

They were from Bangor and had set up previous companies under different names after each of them were closed due to financial irregularities. they have since the Spotligt show, set up in London under a different name.


I'm wondering how common is it to be fooled/scammed by these f**kers? They targeted small business owners and the likes of people with good jobs who had cash in the bank that wasn't making them money, so it wasn't your old granny without a pot to piss in.

I've no savings so they would be wasting their time on me  ;D
None of us are getting out of here alive, so please stop treating yourself like an after thought. Ea

screenexile

I watched that alright but the investigation wasn't great and I thought there was a could be a whole lot more to the story.

From what I can gather they:

1. Take money off you (They call it a loan so they skirt around financial regulation)
2. Siphen some for themselves
3. Send statements/tell you about all the profits the money is making and hope you're just happy enough

Then when someone wants their money back they make it very difficult and in all probability are using someone else's deposits to fund it.

It really seems like some kind of Ponzi scheme and I'm not quite sure why there was no mention of forwarding to the police??

Also if someone is telling me of 250% profits after 6 months it would be a huge f**king red flag!!!

Milltown Row2

Quote from: screenexile on November 28, 2018, 02:13:24 PM
I watched that alright but the investigation wasn't great and I thought there was a could be a whole lot more to the story.

From what I can gather they:

1. Take money off you (They call it a loan so they skirt around financial regulation)
2. Siphen some for themselves
3. Send statements/tell you about all the profits the money is making and hope you're just happy enough

Then when someone wants their money back they make it very difficult and in all probability are using someone else's deposits to fund it.

It really seems like some kind of Ponzi scheme and I'm not quite sure why there was no mention of forwarding to the police??

Also if someone is telling me of 250% profits after 6 months it would be a huge f**king red flag!!!

It was a bit sketchy but people fall for the bigger lies its seems...

It doesnt make you feel good about using a financial advisor when those programs show the fraudsters!

As for not forwarding it on to the police it seems the devil is in the detail, as the contracts must but well set up!
None of us are getting out of here alive, so please stop treating yourself like an after thought. Ea

Rossfan

If something seems too good to be true....you can be sure it is!!
You wouldn't catch us West of Ireland folks out with that sort of stuff ;)
Davy's given us a dream to cling to
We're going to bring home the SAM

trueblue1234

Grammar: the difference between knowing your shit

Milltown Row2

None of us are getting out of here alive, so please stop treating yourself like an after thought. Ea

Maroon Manc

Quote from: Rossfan on November 28, 2018, 03:20:37 PM
If something seems too good to be true....you can be sure it is!!
You wouldn't catch us West of Ireland folks out with that sort of stuff ;)

There appears to be a conman masquerading as a solicitor in Ballaghaderren who was getting away with it for years.

screenexile

Quote from: Maroon Manc on November 29, 2018, 09:09:11 AM
Quote from: Rossfan on November 28, 2018, 03:20:37 PM
If something seems too good to be true....you can be sure it is!!
You wouldn't catch us West of Ireland folks out with that sort of stuff ;)

There appears to be a conman masquerading as a solicitor in Ballaghaderren who was getting away with it for years.

But sure that's Mayo  :P :P

Rossfan

You expect a Solicitor to be looking after your interests.
They do ad a rule but that buck......
FF background of course  ::)
Davy's given us a dream to cling to
We're going to bring home the SAM

J70

Quote from: screenexile on November 28, 2018, 02:13:24 PM
I watched that alright but the investigation wasn't great and I thought there was a could be a whole lot more to the story.

From what I can gather they:

1. Take money off you (They call it a loan so they skirt around financial regulation)
2. Siphen some for themselves
3. Send statements/tell you about all the profits the money is making and hope you're just happy enough

Then when someone wants their money back they make it very difficult and in all probability are using someone else's deposits to fund it.

It really seems like some kind of Ponzi scheme and I'm not quite sure why there was no mention of forwarding to the police??

Also if someone is telling me of 250% profits after 6 months it would be a huge f**king red flag!!!

A lot of rich, smart people and organizations fell for Bernie Madoff and his steady 10% annual "returns".

Even though no other legitimate set up anywhere was providing such a lucrative profit.

screenexile

Quote from: J70 on November 29, 2018, 11:01:40 AM
Quote from: screenexile on November 28, 2018, 02:13:24 PM
I watched that alright but the investigation wasn't great and I thought there was a could be a whole lot more to the story.

From what I can gather they:

1. Take money off you (They call it a loan so they skirt around financial regulation)
2. Siphen some for themselves
3. Send statements/tell you about all the profits the money is making and hope you're just happy enough

Then when someone wants their money back they make it very difficult and in all probability are using someone else's deposits to fund it.

It really seems like some kind of Ponzi scheme and I'm not quite sure why there was no mention of forwarding to the police??

Also if someone is telling me of 250% profits after 6 months it would be a huge f**king red flag!!!

A lot of rich, smart people and organizations fell for Bernie Madoff and his steady 10% annual "returns".

Even though no other legitimate set up anywhere was providing such a lucrative profit.

Exactly!! How the f**k can you fall for 250% it's just not possible!!!

Christmas Lights

I have a mate who invested his life savings in Litecoin, saying it was going to be the next Bitcoin.

Hes now living on the streets.

trailer

Quote from: Christmas Lights on November 29, 2018, 01:40:30 PM
I have a mate who invested his life savings in Litecoin, saying it was going to be the next Bitcoin.

Hes now living on the streets.

Lol

trueblue1234

Quote from: trailer on November 29, 2018, 03:41:01 PM
Quote from: Christmas Lights on November 29, 2018, 01:40:30 PM
I have a mate who invested his life savings in Litecoin, saying it was going to be the next Bitcoin.

Hes now living on the streets.

Lol
Just a quick question with regards investments in general. Is there much point investing money if you still have a mortgage? Would your return on paying the mortgage of earlier not be a lot better than most investments with less risk factor. I've always been one to chip away at the mortgage as much as I can to get it shifted before I'd consider investing in anything else. But maybe I'm wrong ?
Grammar: the difference between knowing your shit

imtommygunn

I would be the same. It's a willing to risk thing and also then there's only so much you can pay off without being penalised.

Looking at the raw numbers you're likely gaining about 2.5 ish percent and you'd be hard enough pushed to get that kind of interest without it being a gamble.

Depends what you can find investment wise.