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On Scams and Schemes

4:48 pm PHT

You all should know by now about the recent news about Ponzi schemes and other high-yield investment programs on the Web that promise incredible returns by just forking over your money. Most thinking people should know by now that investing in such schemes is just plain greedy. So I’m just shocked, really shocked, to read several of the reader comments on this blog post, which discusses these online scams. Update: Here is another blog post with illogical reader comments.

I have no respect for people accusing the SEC, NBI, and BSP of greed for shutting down these scams, or for saying that the whistle-blowers and media are the ones who are the criminals for bringing negative publicity against these schemes. Some are even arguing that it’s their money that they’re investing and that we have no business in how they’re investing it, and that they are not recruiting downlines so they’re not hurting other people. True, we have no business telling them what to do with their money, but it’s not their business too if the public and media expose clearly illegal operations that defraud people of money.

It’s a scam, plain and simple. And if you’re investing in them despite knowing the real risks, then you’re a greedy bastard! And don’t you dare accuse us of crab mentality when we attack these programs. If you do, it just goes to show that you don’t deserve the money you “earn,” the pity if you’re a victim, or the respect befitting a real investor or entrepreneur.

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Comments

Comment times are in Philippine time (+0800).

1

On 11:22 p.m., 14 Jul 2007, jorel wrote:

sadly, people would rather remain ignorant and accuse others of crab mentality than admit that the money they “earned” comes from the pockets of people they have scammed. to be fair, they may have not known at the start how they are practically stealing other people’s cash (although ignorance can never be an excuse), but when presented with undeniable evidence about the truth, why would they choose to reject the facts, and even worse, clamor to shut up those trying to shed light on the issue? the answer: making money while doing nothing, at the expense of others, is so much more preferable to them than working their asses off. and beware if you try to reason with them; you’ll just get shot down and run over by a mob of fanatics unwilling to accept that this chance to rake in easy money has been taken away from them.

2

On 3:14 a.m., 15 Jul 2007, joyce wrote:

really sad to see people like that. but also it shows there are a lot more people now who are aware that get-rich-quick schemes don’t work anymore, and that it is wrong, even if you don’t recruit people, knowing it is a scam. people realize the wrongness of omission too.

let’s hope for a better brighter future for pinoys!

3

On 7:29 p.m., 15 Jul 2007, estan wrote:

malaki siguro nalugi ng tao na yan kaya laki ng galit.

scams like this will always be present as long as there are greedy and gullible people. after this, give it a year or two or even a few months and it will be lucrative again.

4

On 6:26 a.m., 16 Jul 2007, benj wrote:

Well, it’s a big-risk investment right? Is it really a scam? I think it’s a legitimate big-risk investment business model. If people lose confident in the network/product, people pull out and the bottom falls. If you were stupid enough to fall for it, that’s your proverbial (lol) lesson right there. It’s natural selection at work!  :p

5

On 11:38 p.m., 16 Jul 2007, seav wrote:

@jorel, them being unreasonable? Sad, but true.

@joyce, let’s hope so!

@estan, yeah. Too bad some people never learn. Even worse are the people trying to “surf” the “waves” of scams like these.

@benj, it’s a big risk, definitely but they’re guaranteeing a ROI equivalent to $45 per day for your $1,000. If something’s guaranteed, how can it be a big risk? That incredibly high a ROI especially for a really, really shady company can only mean it’s a scam.

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