Ponzi scheme targeting crew - Beware - do not become a victim.
Join Date: Jul 2007
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Amazingly 2 crew members on my last flight have just taken out bank loans to enter this scheme, another one put all their savings and bonus into it as well.
I am concerned for some as they are putting all their eggs in one basket and will have nothing to fall back on if things go sour...
I am concerned for some as they are putting all their eggs in one basket and will have nothing to fall back on if things go sour...
Join Date: May 2006
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Exactly the same thing being said by cc on my last flight. Reap what you sow I guess...
short flights long nights
People are taking out bank loans to invest in this? What part of crazy, don't they understand? They will be the ones in a few months sitting on the flight deck saying how they can't leave because they owe HSBC AED250000 or are forced to do a runner.
I can see the sense in investing 90% of your wealth in (multiple independent) places that offer a 95% chance of turning $100 into $110 in a year, and a 5% chance of turning it into $98. The statistician's "expected return" is $109.4 and by spreading the risk around, the likelihood of losing 2% on everything is minimal.
I can see the sense in investing 90% of your wealth in (multiple independent) places that offer a 90% chance of turning $100 into $130 in a year, and a 10% chance of turning it into $30. The expected return is $120, the potential losses are larger.
I can even see the sense in spending $10 on a lottery ticket which offers a one in two million chance of winning $10,000,000, even though the statistician's "expected return" is just $5, and you're a near certainty to lose your dough. It's play money and dreaming, not investment.
But investing everything you can lay your hands on, even borrowed money you MUST repay to the bank, in a single investment claiming a return of, what, 4% per month, 60% per annum, which MUST carry a very significant risk of total loss??
Surely these muggins can see it *might* be a scam, I wonder what they think the % likelihood is that this is a scam?
Some thinking type people might accept a 60%pa return on investment with a risk of total loss of 25%, yielding an expected return of 20%pa, but they sure as hell wouldn't stake their entire financial future on it.
And this one stinks much more than 25%.
It's a lottery, so the investment should be no more than play money and the return is nowhere near enough to bother.
I can see the sense in investing 90% of your wealth in (multiple independent) places that offer a 90% chance of turning $100 into $130 in a year, and a 10% chance of turning it into $30. The expected return is $120, the potential losses are larger.
I can even see the sense in spending $10 on a lottery ticket which offers a one in two million chance of winning $10,000,000, even though the statistician's "expected return" is just $5, and you're a near certainty to lose your dough. It's play money and dreaming, not investment.
But investing everything you can lay your hands on, even borrowed money you MUST repay to the bank, in a single investment claiming a return of, what, 4% per month, 60% per annum, which MUST carry a very significant risk of total loss??
Surely these muggins can see it *might* be a scam, I wonder what they think the % likelihood is that this is a scam?
Some thinking type people might accept a 60%pa return on investment with a risk of total loss of 25%, yielding an expected return of 20%pa, but they sure as hell wouldn't stake their entire financial future on it.
And this one stinks much more than 25%.
It's a lottery, so the investment should be no more than play money and the return is nowhere near enough to bother.
Nonsense....you keep using the word 'investing' but this is nothing more than a drawn out Ponzi scheme. One wonders what they told the bank the money is for. If people are that stupid what can you do....
I shifted from "investing" to "spending" when I got to lottery tickets.
The point was to show that while high risks with poor expected returns have their place, that place is having a flutter, not investing your life savings.
A Ponzi scheme is no more than a dishonest lottery where the last ones in are the losers.
Even if you (not YOU you, "you the investors" you) refuse to recognise this, you've got to recognise the higher than normal risk involved and treat the investment appropriately. 4% per month (60%pa) sounds great until you realise that even with a 75% chance it's real (hah!) it's not actually a particularly outstanding deal.
Frankly it's more like betting your life savings on a single spin of a roulette wheel because you think the wheel is slightly off and gives you a 2 in 3 chance of doubling your money. Madness! Except that in this case, you're wrong, and in fact the house takes all off of everyone who bet after last year! Folly!
The point was to show that while high risks with poor expected returns have their place, that place is having a flutter, not investing your life savings.
A Ponzi scheme is no more than a dishonest lottery where the last ones in are the losers.
Even if you (not YOU you, "you the investors" you) refuse to recognise this, you've got to recognise the higher than normal risk involved and treat the investment appropriately. 4% per month (60%pa) sounds great until you realise that even with a 75% chance it's real (hah!) it's not actually a particularly outstanding deal.
Frankly it's more like betting your life savings on a single spin of a roulette wheel because you think the wheel is slightly off and gives you a 2 in 3 chance of doubling your money. Madness! Except that in this case, you're wrong, and in fact the house takes all off of everyone who bet after last year! Folly!
Or of course people like you (YOU you this time) and I look at it, mutter "Ponzi" to ourselves, and regret our lost opportunity about as much as we regret not replying to the three different Nigerian bank officials who wrote to us last week.
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meet
Hey, I'm working on a story on potential ponzi schemes, is anyone who is concerned about this operation free to meet up to discuss this in person? Won't publish names. My email is [email protected]. Thanks Nick
Join Date: Jun 2005
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Good news
Very gods news that someone is looking into this. I see a lot of potential victims in this type of environment.
I have nothing to do with it, and won't be of any help.
But it would be greatly appreciated if you could let us know when you publish something.
Good luck
I have nothing to do with it, and won't be of any help.
But it would be greatly appreciated if you could let us know when you publish something.
Good luck
Hey, I'm working on a story on potential ponzi schemes, is anyone who is concerned about this operation free to meet up to discuss this in person? Won't publish names. My email is [email protected]. Thanks Nick
Join Date: May 2005
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No! Mr Kwagalagazumbee's wife is a scam? I thought he was the deceased president of the FCDFAB (Free Conflict Diamonds for All Bank)😱 and she would transfer me $10million if I gave her my bank card pin.👍
Join Date: Feb 2001
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I think there will be a lot of tears when this ponzi unravels. It's not just cabin crew. I can't believe how many pilots I know bring this up and think it's a legit company.
TadawulME / Exential Group: | Forex Peace Army - Your Forex Trading Forum
TadawulME / Exential Group: | Forex Peace Army - Your Forex Trading Forum
For the newbies, if any fellow aircrew ever approach you with a "good investment", ......ignore or run as far as you can.
At my very large US carrier, I won't name it, but it is close to the start of the alphabet, 2 large scams took millions of $$ and were orchestrated by fellow pilots.
Fortunately, one was sentenced to a TDY in a US Federal prison. I am not sure of his potential lifespan on an island of fellow pilots.
At my very large US carrier, I won't name it, but it is close to the start of the alphabet, 2 large scams took millions of $$ and were orchestrated by fellow pilots.
Fortunately, one was sentenced to a TDY in a US Federal prison. I am not sure of his potential lifespan on an island of fellow pilots.
Been there.
Whats the bet that the first time one of the "Investors"asks for his money back there will be a problem with the "Broker"holding the money!!!I was in one for six years and all was normal until the last year when apparently the US government froze the"Brokers "money for various reasons.Wait and see!!!!
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Truly embarrassing, the lack of due diligence.
Of course its a Ponzi.
Managed Forex accounts are one of the top HYIP scams currently
doing the rounds. Doesnt anyone do background checks anymore.
Heres a further three popular ways to get yourself fleeced, so watch out
Sports Betting Arbitrage
Crypto Currency Training courses
Online Advertising Schemes (Buy $50 credit packs click 10 ads get $60 back)
Dont say you werent warned.
Of course its a Ponzi.
Managed Forex accounts are one of the top HYIP scams currently
doing the rounds. Doesnt anyone do background checks anymore.
Heres a further three popular ways to get yourself fleeced, so watch out
Sports Betting Arbitrage
Crypto Currency Training courses
Online Advertising Schemes (Buy $50 credit packs click 10 ads get $60 back)
Dont say you werent warned.
Join Date: Nov 2003
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What goes up must come down
There is no such thing as free money
If it sounds too good to be true, it is too good to be true
I could go on, I got burnt in EPI, the only winner is the scheme aministrator or wouldn't be doing it.
Everyone withdraw your initial capital and stay safe. IF it's that good then leave profits in and let them continue to multiply faster than anyone can add on a calculator (it appears).
J
There is no such thing as free money
If it sounds too good to be true, it is too good to be true
I could go on, I got burnt in EPI, the only winner is the scheme aministrator or wouldn't be doing it.
Everyone withdraw your initial capital and stay safe. IF it's that good then leave profits in and let them continue to multiply faster than anyone can add on a calculator (it appears).
J
Join Date: Jun 2005
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Sad
Rub 1 out
You might be home free, but a lot of people will get hurt. Because of stupidity or ignorance.
But I don't think you care...
You might be home free, but a lot of people will get hurt. Because of stupidity or ignorance.
But I don't think you care...
You guys all are all funny.
It has nothing to do with you. None of had the balls to invest or take the risk. If you can ride the first year out you get all your initial investment back and the rest is pure profit. Anything is a risk.
Now you are all here blasting people Who have done it.
I don't actively recruit crew or anyone else but after a couple of years in this system and making more then a CS Captains salary a month, guess what? I don't need to sell or share with anyone else, I am getting paid.
Don't knock what isn't any of your business. Most of you will still be here bit**ing and moaning for the next couple of years, funny and sad. My choice not yours. Let the attacks begin....
Some of you need to relax and RUB 1 OUT
It has nothing to do with you. None of had the balls to invest or take the risk. If you can ride the first year out you get all your initial investment back and the rest is pure profit. Anything is a risk.
Now you are all here blasting people Who have done it.
I don't actively recruit crew or anyone else but after a couple of years in this system and making more then a CS Captains salary a month, guess what? I don't need to sell or share with anyone else, I am getting paid.
Don't knock what isn't any of your business. Most of you will still be here bit**ing and moaning for the next couple of years, funny and sad. My choice not yours. Let the attacks begin....
Some of you need to relax and RUB 1 OUT
Join Date: Jun 2001
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when a Ponzi scheme collapses, even those who cashed out early may find themselves subject to "clawbacks"...in other words required by the court system to repay their ill-gotten gains back, to be distributed among those who lost their investment...so even early "investors" who got out, might find themselves drawn back in, in a most undelightful way..
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Indeed. In the case of the Madoff scam if within the six years before Bernie was arrested, investors who received more than they invested initially were compelled (sued) to return their profits and in many cases part of their initial investment. Apparently this effect(ed) 1000 people (50%).