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FIB - Scams 101 - Ye Olde Archives
Posted By: eric In Response To: Reality Millions Really For Real? (David A Bailey Jr)
Saturday, 2 April 2005, at 5:55 p.m.
Here's some red flags I get from it all.
The guy running it-Midas- won't tell his true identity. Really builds the ol' confidence doesn't it?
There is no explantion that I've found that explains how money is made.
Reminds me of when a friend tried to recruit me into Amway. Only mentioned "the business" when pressed for more specifics.
(Jump in if you actually know what the investments are)
It's offshore-doesn't necessarily indicate illegal activity- but you gotta wonder. I understand wanting privacy but that's not a big plus when they're dealing with MY money.
Why in the world would a millionaire- who claims to be able to make 30% a year for people- even fool around with thousands of folks with little accounts? Why not get some big players and go with them? If you can make those returns they'll beat down your door. He's doing it for the money- he apparently keeps some of the return for himself. SO he's in it for the money why oh why bother with thousands of little pikers?? Just doesn't add up.
Plus if these investments are the type available to only wealthy investors, he's skirting US law by involving people who aren't qualified and hence the offshore location. I think there IS a good reason these types of investments are off limits to those with less financial means. And one of those reasons is that these types of returns-if true- also carry with them commesurate risk of loss. But apparently there's a guarantee on the initial capital. Uh huh.
OK. RM Supporters can come and blast me.
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