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FIB - Scams 101 - Ye Olde Archives
Posted By: ben dover In Response To: dxgold (savage)
Friday, 21 January 2005, at 9:42 p.m.
check out mazu.com I know the guy and while he is a slippery, sales kida guy he is not dumb to do something like this without some checking and investigating.
If it was an out and out scam he would not have invest a few thou into CD mastering, dropping his other stuff pretty much off....and pushing this bigtime.
It seems that this is and MLM but you can make money without recruiting a soul. however recruiting pays and aveliates your own monetary risk.
just my 2 cents and good luck whatever....
> Hi Maamaw and everyone. Longtime lurker, very occasional poster.
> Anyhow, did some very cursory sniffing around tonight regarding dxgold.
> Just a few impressions.
> They state it's perfectly legal but they locate themselves on an island in
> the middle of the ocean.
> I couldn't find who the principals are.
> I found two complaints from people involved with dxgold. One was a woman
> who deposited $350, couldn't find any investments to put that money to
> work and in the meantime fees brought her balance down to $160.00
> An Italian guy in very broken English posted his experiences with them. He
> stated they raised his monthly fees from $3,000 a month to $8,000 a month
> and he couldn't get his money out so it was being eaten up by fees. He
> states he had a balance slightly in excess of $30,000
> They state on their site that the average session return is $3.5%, the
> session being 6 days. I took that to mean there can be 5 sessions in a
> month. I decided to see what would happen to an investment in this
> opportunity over the course of 5 years if you let all the money stay in
> the account and compound at an average of only 3%per session, not the 3.5%
> they give as an average to allow slightly for a bad session or two. The
> results I got were that MaaMaw's initial $35 would grow to over $140,000
> at the end of five years and an initial investment of $500 would grow to
> over 2,000,000 at the end of five years. If at the end of those five years
> you began to take the interest earned monthly out as income you would make
> $21,000 on a principal of 140k if they held to an average 15% profit
> monthly and (ahem)$300,000.00 a month or $3,600,000.00 a year on your $500
> investment. I have a problem with these kinds of numbers.
> The FTC lists the exchanging of internet currencies as one of it's top ten
> frauds perpetrated on the internet.
> All in all, it struck me as a little oopsy in the credibility department.
> It's also very tempting is it not? Isn't that the sign of something or
> another?
> MaaMaw, I didn't mean in any way, shape or form, to single you out by
> using your investment as an example. My apologies if it struck you that
> way. Best of intentions and all that.
> P.S. to MaaMaw
> I tryed to post this once before and went to preview it and then back and
> what I got was a duplicate message type notification. It said I could go
> back and make some small correction and then post it but what I found was
> that that post was East with the Geese, dunno where it went, and I had a
> do-over on my hands. This is not a complaint, just a heads up in case
> something went kaflooey or something.
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