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

Discussion in 'Lessons from Success/Failure' started by MJ DeMarco, May 6, 2018.

  1. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    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

     
  2. Ninjakid
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    Ninjakid Platinum Contributor Speedway Pass

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    Sometimes you just have to sit back and let evolution do its thing
     
    Tommo, Bearcorp, Scot and 1 other person like this.
  3. socaldude
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    socaldude Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    I think it's probably true.

    It's pretty common for someone to get ripped-off in some overpromised business deal. But I think most are not public because of embarrassment.

    If they would have just done due-diligence like a lot of professional investors they would have realized it was a scam.

    I mean even just asking some questions. Kind of like being interrogated by the FBI or crossed examined by an attorney would have exposed some BS.

    Lies, even elaborate ones from clever con artists usually don't stand hold up to a lot of hard questions.
     
    AgainstAllOdds likes this.
  4. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    What gets me is NOT that they were scammed or lost money ... we're all guilty of that.

    What gets me is they invested their life savings on a crap roll.

    It's OK to gamble on investments and businesses -- its NOT OK to gamble your entire life savings on it -- the only exception I see is when you fully control and understand the business -- but even that is a bit too much...
     
  5. BrooklynHustle
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    BrooklynHustle Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Well that was a dumb move, to say the least.

    Hope they are able to salvage the situation somehow, and learn from it.
     

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