Quantitative finance collector
C++ Matlab VBA/Excel Java Mathematica R/Splus Net Code Site Other
May 21

Financial Scams

Posted by bo at 08:48 | Others | Comments(0) | Reads(7502)
A guest post of Bo.

People have a great amount of concern for money, and finding means to get money quickly becomes almost a necessity. It is this need for quick cash and no work that leads people to be drawn into great, sometimes historical financial scams. One great example would  be the use of historical Bonds.
Open in new window
You see, back ‘in the day’, there were a number of gold bonds issued for a variety of reasons. A way for the government to obtain money with the promise to return it with interest. These bonds were payable in gold, and after a certain maturity point could be cashed in. The problem is that after a particular date they became useless. Nothing more than a piece of history waiting to be preserved in a museum.

It is these relics or mock-ups of them that are sold to you by the conartists. Normally with very official looking documentation and after you’ve been hopped from bank to bank, you find out that it is in fact worth nothing except maybe some sentimental collector’s value. If your lucky, it may actually be an actual Bond, in which case you could get a small amount of money from a museum that hosts them. This is truly a great demonstration of one of the historical financial scams.

Another great example is the Viactuals Frauds. The pretense is that you buy someone’s life insurance policy, making small investments. When they die you get the full death benefit from said policy. You also walk away happy knowing that your investments made a sick person’s life a little better… right? Well just like any child in school there are people out there who will fake sickness for the attention and the money. Your money could easily be pocketed and you are left all the poorer. Then of course there are scammers that will take your investments to buy their own wants and luxuries rather than using it on the policy you wanted.

And the world goes ‘round. The best way to avoid these historical financial scams is to stay away from any offer that looks too good to be true unless you have the help of a real attorney or somebody who really knows what they are talking about. Scam artists are usually professionals at their trade, so will not likely be found.

Add a comment
Enable HTML
Enable UBB
Enable Emots
Nickname   Password   Optional
Site URI   Email   [Register]