YMMSS STA Kim Inman triple threat

I posted some of these on MW because the topic happened to come up.

According to MSN 3 of the top 10 investment scam are:


#1. Ponzi schemes. This is an old scam named for Charles Ponzi, a swindler from the early 1900s who conned $10 million from investors by promising 40% returns. His scam has been copied by countless crooks. The formula is simple: Promise high returns to investors and use their money to pay previous investors.

According to the NASAA, Ponzi scammers often blame government intervention for the failure of their system. In Mississippi, two Ponzi scammers pled guilty to a scheme that bilked 41 investors from four states out of $10.2 million. They told investors they were taking part in a money-trading program. The program never existed.
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Blaming government intervention...hmmm...who does that sound like? Damn, Kim did that in advance. Wasn't that his rationale for locating in Belize.

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#5. Affinity fraud. Taking advantage of the tendency of people to trust others with whom they share similarities, scammers use their victim's religious or ethnic identity to gain their trust and then steal their life savings. The techniques range from "gifting" programs at churches to foreign exchange scams.
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Religion...once again it sounds like someone we all know and hate. There is nothing I hate worse than a religious hypocrite.

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#8. Internet fraud. According to NASAA, Internet fraud has become a booming business. For example, federal, state, local and foreign law-enforcement officials targeted Internet fraudsters during Operation Cyber Sweep in November 2003 -- and identified more than 125,000 victims with estimated losses of more than $100 million.

"The Internet has made it simple for a con artist to reach millions of potential victims at minimal cost," says Lambiase. "Many of the online scams regulators see today are merely new versions of schemes that have been fleecing off-line investors for years."

Lambiase warns consumers to avoid the infamous Nigerian 419 scam, saying Internet users should ignore e-mails from individuals in need of help who want to deposit money in overseas bank accounts.

"Don't be dot-conned," he says. "If you get an e-mail pitching a deal that can't be beat, hit delete."
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Yep, a new scheme on the old theme. Kim Inman has taken 3 of the top 10 and balled them all up into one.

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posted by steve_o @ 3/22/2006 09:03:00 PM