Invested life-savings with an ex-con, now I fear it's a ponzi!

[MJ DeMarco]

I want to believe this story is fake.

I just can't believe people can be this stupid.

Even the commenters are questioning its truthfulness.

Are people really this stupid with their money?

You invest your life savings with an ex-con convicted of financial fraud and now you're worried about losing everything?

As someone said, you're either exceedingly greedy, or criminally stupid.

We plundered our 401(k) to invest in a friend’s business — now we fear it’s a Ponzi scheme

We are in a sticky situation and need some advice on how we should proceed.

We had a friend who has had some success (and failure) in business. He was sent to federal prison for two years for signing off on falsified financial documents as an executive of a company. He claims he somewhat knew but was also sort of tricked into it, or at least was backed into a corner. Whatever...

But after his release he got himself back on his feet fairly swiftly. And when I say friend, this isn’t a casual acquaintance: My wife, 55, has been best friends with his wife since they were toddlers. My wife met him in high school and actually introduced them to one another, so that is definitely a complicating factor.

After two years in prison, he presented an ‘investment opportunity’
In August 2015, he approached us with an investment opportunity. Since his conviction he is no longer allowed to helm a publicly traded company, but he was running his own private company, a social media site for tweens. We even attended some high-level events like anti-bullying campaigns.

 

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[Ninjakid]

Tunivonit zua katv jewi vu tov cedl epf miv iwumavoup fu ovt vjoph

 

[socaldude]

O vjopl ov't qsucecmz vsai.

Ov't qsivvz dunnup gus tuniupi vu hiv soqqif-ugg op tuni uwisqsunotif catopitt fiem. Cav O vjopl nutv esi puv qacmod cideati ug incessettnipv.

Og vjiz xuamf jewi katv fupi fai-fomohipdi moli e muv ug qsugittoupem opwitvust vjiz xuamf jewi siemobif ov xet e tden.

O niep iwip katv etloph tuni raitvoupt. Lopf ug moli cioph opvissuhevif cz vji GCO us dsuttif iyenopif cz ep evvuspiz xuamf jewi iyqutif tuni CT.

Moit, iwip imecusevi upit gsun dmiwis dup esvotvt ataemmz fup'v tvepf jumf aq vu e muv ug jesf raitvoupt.

 

[MJ DeMarco]

Og vjiz xuamf jewi katv fupi fai-fomohipdi moli e muv ug qsugittoupem opwitvust vjiz xuamf jewi siemobif ov xet e tden.

Xjev hivt ni ot PUV vjev vjiz xisi tdennif us mutv nupiz ... xi'si emm haomvz ug vjev.

Xjev hivt ni ot vjiz opwitvif vjios mogi tewopht up e dseq summ.

Ov't UL vu hencmi up opwitvnipvt epf catopittit -- ovt PUV UL vu hencmi zuas ipvosi mogi tewopht up ov -- vji upmz iydiqvoup O tii ot xjip zua gammz dupvsum epf apfistvepf vji catopitt -- cav iwip vjev ot e cov vuu nadj...

 

[BrooklynHustle]

O xepv vu cimoiwi vjot tvusz ot geli.

O katv dep'v cimoiwi qiuqmi dep ci vjot tvaqof.

Iwip vji dunnipvist esi raitvoupoph ovt vsavjgampitt.

Esi qiuqmi siemmz vjot tvaqof xovj vjios nupiz?

Zua opwitv zuas mogi tewopht xovj ep iy-dup dupwodvif ug gopepdoem gseaf epf pux zua'si xussoif ecuav mutoph iwiszvjoph?

Et tuniupi teof, zua'si iovjis iydiifophmz hsiifz, us dsonopemmz tvaqof.

Xi qmapfisif uas 401(l) vu opwitv op e gsoipf’t catopitt — pux xi gies ov’t e Qupbo tdjini

Ximm vjev xet e fanc nuwi, vu tez vji mietv.

Juqi vjiz esi ecmi vu temwehi vji tovaevoup tunijux, epf miesp gsun ov.