The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 90,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

They Finally Caught This Scammer

James Klymus

Gold Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
353%
Dec 28, 2018
474
1,674
28
Chicago, Illinois
First off I want to say that I don't like preoccupying my time with drama and speculation, and it's unlike me to post "gossip" like this. But I believe that this is beyond the point of gossip, and can be turned into a "learn from other people's mistakes" moment.

This was somewhat relevant to me because I got my start in the whole "internet marketing MMO" niche, and A LOT of people were involved and/or scammed by this guy in the IM community. I remember watching an interview with him one time and he was talking about how you should "write your goals down 1,000 times a day for 30 days" and I believed it.

Luckily, a few hours of time is all he scammed me out of, Because he scammed a lot of people out of a lot of money.


He scammed people out of money Bernie Madoff style with ponzi schemes, Operating under the guise of the crypto currency craze.

Always question what people tell you. Think about if it makes sense. This guy was amazing at lying, and had his fake origin story recited down to perfection. I remember hearing him talk about his origin story, and it seemed really legit. He talked about having many failures and going through the entrepreneurial struggle.

He also used tactics, from what I understand, Similar to Madoff, in that he would publicly shame you in your network if you questioned him. He used shame as a threat for compliance.

Always question everything.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Ismail941

Silver Contributor
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
109%
May 7, 2019
537
584
This guy utilized a "Food feeding to homeless kids" agenda to take money from 'easily convinced kind of people'.

Burj Khalifa Tallest Building = Big Mansion
Sports Car = Ferarri/Rolls Royce
 

Sanj Modha

Platinum Contributor
Speedway Pass
User Power
Value/Post Ratio
315%
Feb 16, 2016
1,024
3,227
42
In Your Newsfeed
"Another lawyer familiar with the case said Com Mirza is unlikely to get out of jail unless he pays back the investors who have filed cases against him".

Damn...Com owes millions. Better sell those Ferraris, champ.
 

Kevin88660

Platinum Contributor
FASTLANE INSIDER
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
116%
Feb 8, 2019
3,900
4,538
Southeast Asia
First off I want to say that I don't like preoccupying my time with drama and speculation, and it's unlike me to post "gossip" like this. But I believe that this is beyond the point of gossip, and can be turned into a "learn from other people's mistakes" moment.

This was somewhat relevant to me because I got my start in the whole "internet marketing MMO" niche, and A LOT of people were involved and/or scammed by this guy in the IM community. I remember watching an interview with him one time and he was talking about how you should "write your goals down 1,000 times a day for 30 days" and I believed it.

Luckily, a few hours of time is all he scammed me out of, Because he scammed a lot of people out of a lot of money.


He scammed people out of money Bernie Madoff style with ponzi schemes, Operating under the guise of the crypto currency craze.

Always question what people tell you. Think about if it makes sense. This guy was amazing at lying, and had his fake origin story recited down to perfection. I remember hearing him talk about his origin story, and it seemed really legit. He talked about having many failures and going through the entrepreneurial struggle.

He also used tactics, from what I understand, Similar to Madoff, in that he would publicly shame you in your network if you questioned him. He used shame as a threat for compliance.

Always question everything.
Interesting.

I remember learning a module in University named “financial fraud and scams”, Bernie Madoff is one of the case study.

Classic affinity scam (cheating on fellow ethnic minority) with ponzi scheme.

There are other tricks scammers used as well, typically by public comPany executives.

-Round tripping to Exaggerate revenue
-Market to book accounting for physical assets (Enron)
- Capitalizing expenses as investment, to make profit look better

For those who are interested can google more, certainly help when you are in an investor’s position.

Latest scandal is Luckin Coffee. Faking revenue growth through faking sales documentation. “Revenue growth” leads to high shares prices. The founders usually have restriction on not selling their share price too soon after IPO, to protect early investors’ interest. However they got get around this pledging their shares to banks and purchased other assets under their names.

They scammed
-early stage VC
-public market investors
-banks
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top