On scams and con artists
Scams and scammers can masquerade as investment products, services, employment and others.
RECENTLY, social-media netizens ranted against the so-called gold-linked investment group that focused its investment on the precious metal. I find hilariously the comments of vigilant and educated investors who can smell a scam from faraway. I am apprehensive of the photos of the guy who posted this offer, which was tempting at first, but I later learned that he was kicked out and blocked from the social-media group he joined after posting his services. The group administrator took action and responded with an iron hand on the poor fellow.
A few days ago, the mainstream media did some research and investigation on the group and tracked them down online and presenting them on the traditional media through newspaper and broadcast news, while the Securities and Exchange Commission made a public advisory saying the investment group was not a registered company either in the Philippines or overseas. In many ways, the group allegedly operated illegally and its modus operandi was to entice investors using allegedly fraudulent activities that leave victims helpless and without his or her hard earned investments.
Previously, we had Aman Futures, Royal Manchester Five, Multitel, FrancSwiss SMFund.com and many others that have came out victimizing ordinary Filipinos. Scams and scammers can masquerade as investment products, services, employment and others. The usual unsuspecting victims of the scams are those who are easily enticed by very high-yielding income (double-your-money schemes or high-yielding interest schemes). We see people who have “earned” millions of pesos showing themselves with pictures of their riches from high-end cars to bundles of cash and others in social- media pages or spread simply through word of mouth and social-media ad pages. Some are public figures and celebrities being used as product or services endorsers. Unbeknownst to them, they are being used as unwitting endorsers and have become victims, as well. Seeing this lead the victims, to tell themselves “I can have this and that” and question: “how can I do this and become those successful people?”
I am dismayed by the activities of these syndicates, luring people into investing time and money and not investigate first before joining as greed takes over and they think only of earning easy cash. Ponzi schemes or other criminal activities come out together with the legitimate businesses. In the end, they fail to return the promised high earnings to investors because the rates are very abnormal.
Whatever happened to the criminals who were involved? I believe very few of the scammers have ever been incarcerated like those involved in the Multitel case in Cebu, Davao and Metro Manila. What about the Aman Futures case, the Royal Manchester Five and FrancSwiss and SMFund.com? Where are they now?
It is much better for individuals to exercise due diligence, be meticulous, ask questions and be vigilant. Never be impulsive on these things and their very tempting and attractive offers of high earnings because sometimes nothing is what it seems to be. It is better to throw away that get-rich-quick attitude from our mind-set. Achieving your personal finance goal requires hard work, perseverance, a positive outlook and no shortcut to success.
As investors and fellow Filipinos, haven’t we learned anything from the history of investment scams coming out to get us every now and then? Haven’t we learned to be vigilant at all against these people who want to capitalize on someone’s money, with the poor victims buried neck deep in debt?
Benedict Baluyot is a Registered Financial Planner of RFP Philippines. He is professional real estate broker with specialization in project selling and general brokerage of different estate properties from different local and national developers in Pamapanga and Metro Manila residential and condominium projects.
Source: http://www.businessmirror.com.ph/on-scams-and-con-artists/
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