Return of the Ponzi
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The Saga Continues..interesting read
Exclusive: Dubai court issues 500-year prison sentences for Exential agents who fleeced cabin crew and church-goers of their life savings
Sydney Lemos and Ryan Fernandez unlikely to be released in strong statement against financial crime in the UAE
Nick Webster
April 9, 2018
Rogue traders in the US$200 million Exential scam in Dubai have been sentenced to more than 500 years each in prison, The National can reveal.
Two of the main people at the centre of the Dh734.6m Ponzi scheme, Sydney Lemos and Ryan Fernandez, were on *Sunday sentenced by a Dubai court to a year in prison for each of more than 500 criminal cases.
The two can appeal but neither is likely to be released because even a huge reduction in their sentence would still result in a life term at Dubai Central Prison in Al Awir.
“This sentence far exceeds the lifetime of a person so it means that even if they do very well in the correctional institution, they are unlikely to ever be released,” said Barney Almazar, head of legal aid at the Philippine Embassy in the UAE, who stepped in to help some of those left penniless.
“It sends a very strong message. Financial crime not only destroys the lives of those who have paid out but often their extended family, too.”
Many investors were left destitute from the collapse of Exential in Media City, when the Department of Economic Development moved in to shut down the operation in 2016.
Lemos and Fernandez were arrested later that year.
Dubai courts were flooded with submissions against the company when word spread that only those filing their own police reports were likely to have any funds returned.
It is unclear if the wider network behind the Exential scam will be brought before criminal courts in the UAE, although global asset freezes are likely to continue.
“The known assets in Dubai would have been the first ones to be seized once the court *order had been executed,” Mr Almazar said.
“There have been two separate cases here, the civil and criminal case, and each is different in nature.
“The criminal case is not just about the victims but the state and society in general. As far as the victims are concerned, of course they want to recover their money.
“What has been proven now is criminal but those who have suffered are still waiting for their money.”
On January 15, courts in the British Virgin Islands approved an application by law firm *Kobre and Kim for a liquidation order against FCI Markets, an offshore brokerage linked to Exential.
A late application by a company director was rejected, allowing liquidators to proceed with an extensive asset recovery.
Evidence was submitted to the Virgin Islands court by investigators employed by UK law firm Carlton Huxley to prove FCI Market’s creditors were owed considerable sums of money that the company was refusing to repay.
The company directors were replaced by court-appointed liquidator Kalo Advisers in the Virgin Islands to demand the disclosure and return of all assets held in its name.
Bill Ferguson, a lead investigator with Carlton Huxley, has spent months tracking down assets owned by Exential and its partner companies, including FCI.
“We are now working to find out who the bad-faith investors were, who knew this was a scam but encouraged others to get involved regardless,” Mr Ferguson told The National.
“Some have made as much as $2.5m (Dh9.1m), so this sentence sends a message that the courts will deliver harsh penalties to those found to be compliant. A friend, an insider or family member may have gone on to recruit other investors in this case.”
Law-enforcement consultants at Carlton Huxley have been liaising with lawyers experienced in Bernard Madoff’s $64.8 billion Ponzi scheme, the largest in history, with almost 5,000 clients.
“We know that, as in the Madoff case, the investors who are collecting funds from those who got in late are sharing in the proceeds of crime,” Mr Ferguson said.
“Those who made money from those at the back end are going to have their property taken away.”
Carlton Huxley has so far managed to recover about $6m.
FCI Markets was an offshore registered broker and sponsored an Indian football club in Goa.
Searches for assets have taken place in the UAE, India, Australia, America, Canada and the British Virgin Islands. About 25 bank accounts have been frozen and emptied.
One of the investors, a Filipino cabin crew member who spent close to Dh50,000 in legal fees and six months in the civil courts pursuing his claim, was awarded a Dh1m judgment by a Dubai court last year.
He is yet to receive any money because court-appointed marshals have yet to recover any assets registered in the names of Exential in the UAE.
“I’ve been told they have no money left in any of their accounts here to repay me or any of the other investors, despite making their judgment that Exential should pay me Dh1m,” the airline worker said.
“Some investors want to get their money back but are not prepared to do anything about it. Others have just given up. I had 10 accounts so it was about Dh700,000 that I was owed in my original deposits and the returns that were promised.
“I’ve had nothing repaid to now, so I don’t want to give *others false hope.”
---------------------------------------------------------------------------------
Source: https://www.thenational.ae/uae/exclu...vings-1.720147
Sydney Lemos and Ryan Fernandez unlikely to be released in strong statement against financial crime in the UAE
Nick Webster
April 9, 2018
Rogue traders in the US$200 million Exential scam in Dubai have been sentenced to more than 500 years each in prison, The National can reveal.
Two of the main people at the centre of the Dh734.6m Ponzi scheme, Sydney Lemos and Ryan Fernandez, were on *Sunday sentenced by a Dubai court to a year in prison for each of more than 500 criminal cases.
The two can appeal but neither is likely to be released because even a huge reduction in their sentence would still result in a life term at Dubai Central Prison in Al Awir.
“This sentence far exceeds the lifetime of a person so it means that even if they do very well in the correctional institution, they are unlikely to ever be released,” said Barney Almazar, head of legal aid at the Philippine Embassy in the UAE, who stepped in to help some of those left penniless.
“It sends a very strong message. Financial crime not only destroys the lives of those who have paid out but often their extended family, too.”
Many investors were left destitute from the collapse of Exential in Media City, when the Department of Economic Development moved in to shut down the operation in 2016.
Lemos and Fernandez were arrested later that year.
Dubai courts were flooded with submissions against the company when word spread that only those filing their own police reports were likely to have any funds returned.
It is unclear if the wider network behind the Exential scam will be brought before criminal courts in the UAE, although global asset freezes are likely to continue.
“The known assets in Dubai would have been the first ones to be seized once the court *order had been executed,” Mr Almazar said.
“There have been two separate cases here, the civil and criminal case, and each is different in nature.
“The criminal case is not just about the victims but the state and society in general. As far as the victims are concerned, of course they want to recover their money.
“What has been proven now is criminal but those who have suffered are still waiting for their money.”
On January 15, courts in the British Virgin Islands approved an application by law firm *Kobre and Kim for a liquidation order against FCI Markets, an offshore brokerage linked to Exential.
A late application by a company director was rejected, allowing liquidators to proceed with an extensive asset recovery.
Evidence was submitted to the Virgin Islands court by investigators employed by UK law firm Carlton Huxley to prove FCI Market’s creditors were owed considerable sums of money that the company was refusing to repay.
The company directors were replaced by court-appointed liquidator Kalo Advisers in the Virgin Islands to demand the disclosure and return of all assets held in its name.
Bill Ferguson, a lead investigator with Carlton Huxley, has spent months tracking down assets owned by Exential and its partner companies, including FCI.
“We are now working to find out who the bad-faith investors were, who knew this was a scam but encouraged others to get involved regardless,” Mr Ferguson told The National.
“Some have made as much as $2.5m (Dh9.1m), so this sentence sends a message that the courts will deliver harsh penalties to those found to be compliant. A friend, an insider or family member may have gone on to recruit other investors in this case.”
Law-enforcement consultants at Carlton Huxley have been liaising with lawyers experienced in Bernard Madoff’s $64.8 billion Ponzi scheme, the largest in history, with almost 5,000 clients.
“We know that, as in the Madoff case, the investors who are collecting funds from those who got in late are sharing in the proceeds of crime,” Mr Ferguson said.
“Those who made money from those at the back end are going to have their property taken away.”
Carlton Huxley has so far managed to recover about $6m.
FCI Markets was an offshore registered broker and sponsored an Indian football club in Goa.
Searches for assets have taken place in the UAE, India, Australia, America, Canada and the British Virgin Islands. About 25 bank accounts have been frozen and emptied.
One of the investors, a Filipino cabin crew member who spent close to Dh50,000 in legal fees and six months in the civil courts pursuing his claim, was awarded a Dh1m judgment by a Dubai court last year.
He is yet to receive any money because court-appointed marshals have yet to recover any assets registered in the names of Exential in the UAE.
“I’ve been told they have no money left in any of their accounts here to repay me or any of the other investors, despite making their judgment that Exential should pay me Dh1m,” the airline worker said.
“Some investors want to get their money back but are not prepared to do anything about it. Others have just given up. I had 10 accounts so it was about Dh700,000 that I was owed in my original deposits and the returns that were promised.
“I’ve had nothing repaid to now, so I don’t want to give *others false hope.”
---------------------------------------------------------------------------------
Source: https://www.thenational.ae/uae/exclu...vings-1.720147
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Let's hope that the greedy people ( investors ) thinking that huge return on investments like those advertised on that Exential scheme are possible without being a scam will learn from it ...
I also hope that the early investors , knowing that it was a Ponzi scheme and attracting others to make sure they get a good return before it collapses will be also sentence to jail or at least to pay back the money.
I also hope that the early investors , knowing that it was a Ponzi scheme and attracting others to make sure they get a good return before it collapses will be also sentence to jail or at least to pay back the money.
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I have very little sympathy for those stupid/greedy enough to 'invest' and who have lost their savings.
I am struggling to make 10% a year in a legitimate investment. Anyone who tells you that you can legally make 10% a month thinks you are stupid. And if you believe them, you are!
But I have especial disgust and contempt for those who set up this illegal scheme and for those who knew it was wrong but still 'invested' and subsequently 'persuaded' their junior colleagues to take out loans to make 'easy money' while sure in the knowledge that they were merely feathering their own nest at their junior colleagues cost.
Disgraceful behaviour all round and I am very pleased at the stern sentences handed down so far. But many more are guilty of supporting this fraud and should be brought to court too.
I am struggling to make 10% a year in a legitimate investment. Anyone who tells you that you can legally make 10% a month thinks you are stupid. And if you believe them, you are!
But I have especial disgust and contempt for those who set up this illegal scheme and for those who knew it was wrong but still 'invested' and subsequently 'persuaded' their junior colleagues to take out loans to make 'easy money' while sure in the knowledge that they were merely feathering their own nest at their junior colleagues cost.
Disgraceful behaviour all round and I am very pleased at the stern sentences handed down so far. But many more are guilty of supporting this fraud and should be brought to court too.
"Bad faith investors" huh 🤔
That would definitely include the SFS I once walked in on trying to convince the CSA's to join up. I'd flown with him before and he'd been doing the spiel; he got physically intimidating when I advised the crew to get independent financial advice.
Hope he gets a hefty fine and/or a stint in jail- he admitted he knew it was likely a Ponzi but had 20 accounts to draw from so didn't care
That would definitely include the SFS I once walked in on trying to convince the CSA's to join up. I'd flown with him before and he'd been doing the spiel; he got physically intimidating when I advised the crew to get independent financial advice.
Hope he gets a hefty fine and/or a stint in jail- he admitted he knew it was likely a Ponzi but had 20 accounts to draw from so didn't care
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Great news.
Now it’s time to start working on all of these other “financial advisors” selling rubbish in the UAE.
I think I managed to talk a colleague out of signing up for one of those 25 year plans the other night. Successful flight!
Now it’s time to start working on all of these other “financial advisors” selling rubbish in the UAE.
I think I managed to talk a colleague out of signing up for one of those 25 year plans the other night. Successful flight!
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hmmmm....if it's too good to be true, it probably is....but borrowing money to invest...not in a foreign country with debtor's prison, no sir
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Could the EK FO who used to come on to this forum boasting about the profits he was making, and the fancy cars he was buying, and about how this was a genuine scheme and how all the naysayers were so very wrong...could he please come back on here and let us know how he's doing now with everybody's money?
With any luck he's going to prison as well, but I guess that's a bit too much to hope for.
With any luck he's going to prison as well, but I guess that's a bit too much to hope for.
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Could the EK FO who used to come on to this forum boasting about the profits he was making, and the fancy cars he was buying, and about how this was a genuine scheme and how all the naysayers were so very wrong...could he please come back on here and let us know how he's doing now with everybody's money?
With any luck he's going to prison as well, but I guess that's a bit too much to hope for.
With any luck he's going to prison as well, but I guess that's a bit too much to hope for.
Guys what you forget is this.....everyone has their personal goals, and choices....if people want to put their money and try this....go ahead....it is their call.....whether you are CA or F/O you can not stop them.....and not to mention you should not try either.
You don`t like this ``scam`` then don`t participate....simple.....opinion expression is one thing.....but to tell them NOT to talk about it on board is a different story.
Did you ask yourself the question....what if you are wrong?
I do stock trading on my own, and I was able to make just over $15,000 in 3 days......so I guess I am running a scam too......
You guys need to let people do whatever they want....it is NOT YOUR CALL.
BTW....you telling people to get their money out....if this is a scam.....then things will collapse that much faster on ALL INVOLVED......have you thought about that??? I guess NOT.
You don`t like this ``scam`` then don`t participate....simple.....opinion expression is one thing.....but to tell them NOT to talk about it on board is a different story.
Did you ask yourself the question....what if you are wrong?
I do stock trading on my own, and I was able to make just over $15,000 in 3 days......so I guess I am running a scam too......
You guys need to let people do whatever they want....it is NOT YOUR CALL.
BTW....you telling people to get their money out....if this is a scam.....then things will collapse that much faster on ALL INVOLVED......have you thought about that??? I guess NOT.
Typical CA approach......you want to have your hand in everything and try to fix everything.....
Why don`t you start by fixing the rest of the world as well????? While you are at it....you seem to be on a roll.
You guys need to stop controlling people......but I guess as a CA you must love that part of your job.
Once again this is a PERSONAL DECISION and CHOICE every person has to make for themselves.
BTW.....the person that said they are not authorized trader by the UAE CENTRAL BANK....you might want to do your home work a bit better.....I managed to find them on the UAE Central Banks website in less then 5 minutes......
Why don`t you start by fixing the rest of the world as well????? While you are at it....you seem to be on a roll.
You guys need to stop controlling people......but I guess as a CA you must love that part of your job.
Once again this is a PERSONAL DECISION and CHOICE every person has to make for themselves.
BTW.....the person that said they are not authorized trader by the UAE CENTRAL BANK....you might want to do your home work a bit better.....I managed to find them on the UAE Central Banks website in less then 5 minutes......
Ponzi scheme targeting crew - Beware - do not become a victim.
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Could the EK FO who used to come on to this forum boasting about the profits he was making, and the fancy cars he was buying, and about how this was a genuine scheme and how all the naysayers were so very wrong...could he please come back on here and let us know how he's doing now with everybody's money?
With any luck he's going to prison as well, but I guess that's a bit too much to hope for.
With any luck he's going to prison as well, but I guess that's a bit too much to hope for.
I have no shame in saying I was interested, as I knew jack-squat about FOREX. Only took an hour of research during an overnight to steer me away, permanently.
I was already into crypto currency back then, and I knew that 120% a year is practically a failure in the crypto world. As always, a little research can pay off/save your butt.
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Oh yeah, cause Bitcoin wasn't a speculative bubble or anything...
(Yes, yes, I know, you bought early and got out at the right time, or you weren't really talking about Bitcoin but other cryptos that are different, and so on. I've heard it all).
Blockchain tech is promising, but cryptocurrencies themselves as anything other than speculation is just as dangerous as these Forex ponzis. Invest in them as you wish but please don't promote them as safer alternatives.
I'm pretty sure the same types who maxed the credit cards and took second mortgages to buy Bitcoin are EXACTLY the same ones who jumped eagerly into the forex scam.
(Yes, yes, I know, you bought early and got out at the right time, or you weren't really talking about Bitcoin but other cryptos that are different, and so on. I've heard it all).
Blockchain tech is promising, but cryptocurrencies themselves as anything other than speculation is just as dangerous as these Forex ponzis. Invest in them as you wish but please don't promote them as safer alternatives.
I'm pretty sure the same types who maxed the credit cards and took second mortgages to buy Bitcoin are EXACTLY the same ones who jumped eagerly into the forex scam.
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Reminds me of the time back in the seventies when container salesmen were coming round the Gulf getting guys to invest their savings in shipping containers which were then leased to a shipping company. "Cash in any time", they said, "You will get your investment and profits straight back", they said. Truth was when the unfortunates who had fallen for it tried to cash in all they got was a "Oh, sorry, yes your containers were lost at sea, did you have them insured?"
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More insight into the failed scheme in this Times of India article:
https://timesofindia.indiatimes.com/...w/63721273.cms
Sydney Lemos: Before downfall, Goa's global scamster lived life in the fast lane
Lisa Monteiro | TNN | Updated: Apr 12, 2018, 13:52 IST
PANAJI: High-end cars, posh villa, lavish parties and foreign jaunts: Sydney Lemos lived life in the fast lane. And he made sure it was out there on social media, controlled by wife Valany, for all to lap up. From driving around in a Ferrari and Maserati to staying in a villa at Dubai’s plush residential area Al Barsha, Lemos led a lifestyle that was the envy of many.
“Lemos deliberately portrayed this lifestyle to convince investors that the company, Exential, was doing very well. It was in no way a scheme that failed. It seemed like a planned fraud right from the start,” an acquaintance of Lemos told TOI from Dubai.
Lemos, 37, was sentenced on Sunday by a Dubai court to over 500 years in jail for duping thousands of investors in a $200 million scam.
Lemos, who is from Mapusa and owned a football club FC Bardez in Dubai, got Goan boys—mostly young footballers—to work for him. “He paid them a minimum of DHS 10,000 a month, when forex companies in Dubai pay between 5,000 and 7,000 dirhams,” the acquaintance said.
“The company running the Ponzi scheme had to look genuine and not like some fly-by-night operator. So, the boys were asked to put on suits and pretend to be busy in office, when in fact there was no work. Lemos’ cabin was always locked and out of bounds for the office staff,” he said.
With no experience and a hefty pay packet, the boys, some of whom were working in supermarkets before joining Exential, did not raise any questions. “The employees were treated to extravagant parties every week and could post pictures on Facebook only after permission from Valany,” he said.
‘Sydney came across as simple’
Besides these extravagant parties, Lemos also treated his staff to two foreign trips and they would be taken along when he bought a new car. When he renewed his vows on Palm Islands in Dubai in 2015 at an extravagant ceremony, the pictures were all over Facebook.
“He would keep posting flashy pictures of parties in high-end clubs and with his cars. Once he knew authorities were after him, he deactivated his account,” said another acquaintance also in Dubai.
But what made him move up the social circuit ladder was when he became the principal sponsor of FC Goa football club in 2015. “He must have got thousands of accounts registered after that. Everybody was talking about it,” he said.
There are rumours that Lemos brought his Ferrari to Goa from Dubai to coincide with his FC Goa deal.
“It was very lucrative to have your money double in 14 months and I was ready to open three accounts totaling $75,000,” the acquaintance said. Lemos lured the investors by offering them 120% annual returns on a minimum investment of $25,000 in a Ponzi scheme that was disguised as forex operations.
“I felt something was not right when I asked them for a security check on my investment. After repeated follow ups, I found that they were not forthcoming. Their contract was also vague, so I didn’t go through with it. Unfortunately, people didn’t care about the paper work. Word of mouth was more powerful,” he said.
“Sydney came across as a simple boy. This kind of face value is necessary to sell a scheme like this,” he said.
But not all of them trusted their gut instinct and fell for his charms.
“My friend who worked for Emirates was so convinced by the scheme that he took a loan to open an account. He didn’t listen to my advice. He lost his job when the company was downsizing and couldn’t even pay his EMI,” he said.
But this acquaintance of Lemos believes that 27-year-old Ryan D’Souza [the account posted here earlier lists his surname as Fernandez - Airbubba], who has also been sent to jail for over 500 years, is innocent. “Ryan got his visa cancelled and was due to travel to Goa but there was a travel ban on the employees of only Exential but not of FC Prime Markets. So, when Ryan was detained at the airport, his friend working at FC Prime Markets was allowed to leave for India as the authorities couldn’t establish a link between the two companies,” he added.
Lisa Monteiro | TNN | Updated: Apr 12, 2018, 13:52 IST
PANAJI: High-end cars, posh villa, lavish parties and foreign jaunts: Sydney Lemos lived life in the fast lane. And he made sure it was out there on social media, controlled by wife Valany, for all to lap up. From driving around in a Ferrari and Maserati to staying in a villa at Dubai’s plush residential area Al Barsha, Lemos led a lifestyle that was the envy of many.
“Lemos deliberately portrayed this lifestyle to convince investors that the company, Exential, was doing very well. It was in no way a scheme that failed. It seemed like a planned fraud right from the start,” an acquaintance of Lemos told TOI from Dubai.
Lemos, 37, was sentenced on Sunday by a Dubai court to over 500 years in jail for duping thousands of investors in a $200 million scam.
Lemos, who is from Mapusa and owned a football club FC Bardez in Dubai, got Goan boys—mostly young footballers—to work for him. “He paid them a minimum of DHS 10,000 a month, when forex companies in Dubai pay between 5,000 and 7,000 dirhams,” the acquaintance said.
“The company running the Ponzi scheme had to look genuine and not like some fly-by-night operator. So, the boys were asked to put on suits and pretend to be busy in office, when in fact there was no work. Lemos’ cabin was always locked and out of bounds for the office staff,” he said.
With no experience and a hefty pay packet, the boys, some of whom were working in supermarkets before joining Exential, did not raise any questions. “The employees were treated to extravagant parties every week and could post pictures on Facebook only after permission from Valany,” he said.
‘Sydney came across as simple’
Besides these extravagant parties, Lemos also treated his staff to two foreign trips and they would be taken along when he bought a new car. When he renewed his vows on Palm Islands in Dubai in 2015 at an extravagant ceremony, the pictures were all over Facebook.
“He would keep posting flashy pictures of parties in high-end clubs and with his cars. Once he knew authorities were after him, he deactivated his account,” said another acquaintance also in Dubai.
But what made him move up the social circuit ladder was when he became the principal sponsor of FC Goa football club in 2015. “He must have got thousands of accounts registered after that. Everybody was talking about it,” he said.
There are rumours that Lemos brought his Ferrari to Goa from Dubai to coincide with his FC Goa deal.
“It was very lucrative to have your money double in 14 months and I was ready to open three accounts totaling $75,000,” the acquaintance said. Lemos lured the investors by offering them 120% annual returns on a minimum investment of $25,000 in a Ponzi scheme that was disguised as forex operations.
“I felt something was not right when I asked them for a security check on my investment. After repeated follow ups, I found that they were not forthcoming. Their contract was also vague, so I didn’t go through with it. Unfortunately, people didn’t care about the paper work. Word of mouth was more powerful,” he said.
“Sydney came across as a simple boy. This kind of face value is necessary to sell a scheme like this,” he said.
But not all of them trusted their gut instinct and fell for his charms.
“My friend who worked for Emirates was so convinced by the scheme that he took a loan to open an account. He didn’t listen to my advice. He lost his job when the company was downsizing and couldn’t even pay his EMI,” he said.
But this acquaintance of Lemos believes that 27-year-old Ryan D’Souza [the account posted here earlier lists his surname as Fernandez - Airbubba], who has also been sent to jail for over 500 years, is innocent. “Ryan got his visa cancelled and was due to travel to Goa but there was a travel ban on the employees of only Exential but not of FC Prime Markets. So, when Ryan was detained at the airport, his friend working at FC Prime Markets was allowed to leave for India as the authorities couldn’t establish a link between the two companies,” he added.
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Nice, let these guys rot in jail for the rest of their lives, however that will not get the people the money back, as with schemes like that, most of the time, the cash is spend to finance the lifestyle of the guy running the scheme.
I bet there are very few assets left to be distributed.
I bet there are very few assets left to be distributed.
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Nice, let these guys rot in jail for the rest of their lives, however that will not get the people the money back, as with schemes like that, most of the time, the cash is spend to finance the lifestyle of the guy running the scheme.
I bet there are very few assets left to be distributed.
I bet there are very few assets left to be distributed.
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I really don't like to read comments such as "Those greedy idiots who invested in this ponzi deserve to lose their money!"
First, most people are financially illiterate, not by their foul. In school we are taught when some battle between King A and King B took place instead of learning stuff actually relevant to life, like investments and finance for ex.
So when people see their friends making money at lightning speeds, they also want in. It's normal behavior. These investors should be seen as victims, not as "someone who deserves it"
This is a pilots forum, I guess most pilots come from backgrounds when they have the chance to get to know the world of investments, so they are more protected from these schemes. I think its reasonable to assume that pilots get more exposure to finance than CC. Many CC never had exposure to investing, so they are way more likely to fall for these claims. On top of that add the environment of Dubai, all the exuberance around you, everyone is rich except you kind of thing, so there is even more temptation to make money fast, no matter how.
Please think about this before saying that someone deserved whatever.
Finance is complex and mysterious for most people, so only harsh enforcement can stop this sort of schemes from happening. Because as many have said, people never learn. They never will, it's in our nature to wish more than we have. But victims of ponzis are not to blame. The lack of enforcement and regulation is.
First, most people are financially illiterate, not by their foul. In school we are taught when some battle between King A and King B took place instead of learning stuff actually relevant to life, like investments and finance for ex.
So when people see their friends making money at lightning speeds, they also want in. It's normal behavior. These investors should be seen as victims, not as "someone who deserves it"
This is a pilots forum, I guess most pilots come from backgrounds when they have the chance to get to know the world of investments, so they are more protected from these schemes. I think its reasonable to assume that pilots get more exposure to finance than CC. Many CC never had exposure to investing, so they are way more likely to fall for these claims. On top of that add the environment of Dubai, all the exuberance around you, everyone is rich except you kind of thing, so there is even more temptation to make money fast, no matter how.
Please think about this before saying that someone deserved whatever.
Finance is complex and mysterious for most people, so only harsh enforcement can stop this sort of schemes from happening. Because as many have said, people never learn. They never will, it's in our nature to wish more than we have. But victims of ponzis are not to blame. The lack of enforcement and regulation is.
Last edited by exekcabincrew; 14th Apr 2018 at 23:42.
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I really don't like to read comments such as "Those greedy idiots who invested in this ponzi deserve to lose their money!"
First, most people are financially illiterate, not by their foul. In school we are taught when some battle between King A and King B took place instead of learning stuff actually relevant to life, like investments and finance for ex.
So when people see their friends making money at lightning speeds, they also want in. It's normal behavior. These investors should be seen as victims, not as "someone who deserves it"
This is a pilots forum, I guess most pilots come from backgrounds when they have the chance to get to know the world of investments, so they are more protected from these schemes. I think its reasonable to assume that pilots get more exposure to finance than CC. Many CC never had exposure to investing, so they are way more likely to fall for these claims. On top of that add the environment of Dubai, all the exuberance around you, everyone is rich except you kind of thing, so there is even more temptation to make money fast, no matter how.
Please think about this before saying that someone deserved whatever.
Finance is complex and mysterious for most people, so only harsh enforcement can stop this sort of schemes from happening. Because as many have said, people never learn. They never will, it's in our nature to wish more than we have. But victims of ponzis are not to blame. The lack of enforcement and regulation is.
First, most people are financially illiterate, not by their foul. In school we are taught when some battle between King A and King B took place instead of learning stuff actually relevant to life, like investments and finance for ex.
So when people see their friends making money at lightning speeds, they also want in. It's normal behavior. These investors should be seen as victims, not as "someone who deserves it"
This is a pilots forum, I guess most pilots come from backgrounds when they have the chance to get to know the world of investments, so they are more protected from these schemes. I think its reasonable to assume that pilots get more exposure to finance than CC. Many CC never had exposure to investing, so they are way more likely to fall for these claims. On top of that add the environment of Dubai, all the exuberance around you, everyone is rich except you kind of thing, so there is even more temptation to make money fast, no matter how.
Please think about this before saying that someone deserved whatever.
Finance is complex and mysterious for most people, so only harsh enforcement can stop this sort of schemes from happening. Because as many have said, people never learn. They never will, it's in our nature to wish more than we have. But victims of ponzis are not to blame. The lack of enforcement and regulation is.
If finance is 'complex and mysterious' to the majority of cc as you put it, then they really should have known better than to have gone head first into a scheme which was attracting just as much negative publicity (from wise heads) as positive publicity - from those with vested interests.
Also, your excuse of naivety does not work with the vast majority of cc I spoke with at the time. When I pointed out to them that they were investing in an illegal Ponzi scheme and taking money from new investors, the typical response was 'Well, as long as it works for me I really don't care!'
So, no sympathy.
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I really don't like to read comments such as "Those greedy idiots who invested in this ponzi deserve to lose their money!"
First, most people are financially illiterate, not by their foul. In school we are taught when some battle between King A and King B took place instead of learning stuff actually relevant to life, like investments and finance for ex.
So when people see their friends making money at lightning speeds, they also want in. It's normal behavior.
First, most people are financially illiterate, not by their foul. In school we are taught when some battle between King A and King B took place instead of learning stuff actually relevant to life, like investments and finance for ex.
So when people see their friends making money at lightning speeds, they also want in. It's normal behavior.
The first step to stopping being victimized is to stop thinking like a victim. Yes, it's harder because you actually have to take responsibility for your actions. Not too many people want to do that any more.
As you demonstrate.
short flights long nights
Yes, it is. What you have described is called ignorance and greed. Blaming your educators for the former and everyone else for the latter is why schemes like this repeat over and over.
The first step to stopping being victimized is to stop thinking like a victim. Yes, it's harder because you actually have to take responsibility for your actions. Not too many people want to do that any more.
As you demonstrate.
The first step to stopping being victimized is to stop thinking like a victim. Yes, it's harder because you actually have to take responsibility for your actions. Not too many people want to do that any more.
As you demonstrate.