Scamster Pilot Warning/Help
Thread Starter
Join Date: Dec 2005
Location: London
Posts: 1
Likes: 0
Received 0 Likes
on
0 Posts
Scamster Pilot Warning/Help
I feel that the man involved in our story has done this before. He is too slick!
If the following sounds familiar to anyone, particularly if you are in Macau, Qatar, Italy, Brussels or Canada could you please post a response.
It appears that there could one of our number out there who is making a habit of establishing a financial scam known as a “Ponzi Scam” named after its originator of the 1930’s.
The scam works as follows:
The initiator of the scam is a fellow pilot who tells the following story.
By chance has meets a benevolent and established entrepreneur whilst paxing in Business class. The entrepreneur is a citizen of, and resides in a nearby country where his many successful businesses are also located.
The story told by the Scamster/pilot goes on that the fictitious entrepreneur invited him to put some money into one of his operations. Starting cautiously his involvement has grown and through the input of additional capital of his own, the business is now returning the Scamster/pilot a rewarding sum.
Using the relationship established in the cockpit or crew room the Scamster individually invites his colleagues to join in.
The natural reaction is to reject the offer as impossible and a scam.
The approach however is subtle, persistent and supported by apparently legitimate and appropriate paperwork. The entrepenur has also supposedly provided the Scamster/pilot with a bank guarantee to cover the invested funds.
This leads some to change their mind.
The Scamster/pilot then takes on the task, as a friend, of liaising with the fictitious entrepreneur, arranging funds transfers, providing statements and regular updates on the continued health of the investment.
Those who were introduced to the scam earlier are paid a dividend on their investment, which is actually provided out of the cash flow of those subsequently investing, and thus the scheme gains “legitimacy” over the grape vine. The scheme runs and more “investors” are attracted. Family and friends become involved.
The “on paper” returns are such that it appears prudent to allow the investment to grow through reinvestment of the dividend.
Larger sums are then invested and over a period of months quite a large amount of money is placed in the hands of the Scamster.
The problem comes when the “investors” wish to realize their gains. The Scamster/pilot tells all, that payments will be forthcoming but they are delayed because of foreign exchange restrictions.
As news of the delays circulate, suddenly everyone wants their money at once.
Here is a twist on a standard “Ponzi.”
The payments that the fictitious business man has supposedly promised to send do not materialize. The Scamster/pilot who has been doing all the clerical work is also suddenly unable to contact the entrepreneur.
The scamster/pilot reports that there is no money in any accounts and the bank guarantees that were supposed to exist are worthless.
After a few days he tells the “investors” that the fictitious entrepreneur has vanished and that he has contacted the police in an attempt to find him.
He also tells the “investors” that he is as much of a victim as they, claiming he is owed far more money than any one else. He accepts no responsibility for any losses and as all investors participated of their own free will, he needs the support and cooperation of the investors in his attempts to find the fictitious businessman.
There is nothing but empty bank accounts a useless phone number and email address for the investors to try and trace and the police can not find the businessman who may or may not have ever existed.
The Scamster /pilot then uses a series of legal maneuvers to insulate himself from any further potential legal problems with the local police.
It appears the Scamster/pilot is then finding another job in another country and starting the process over again.
The particular individual I believe to be perpetrating this Affinity Fraud is apparently the holder of a UKATPL and is apparently endorsed on Airbus and Boeing.
Once again if you have heard of such a scheme please post a reply.
We will see if this individual can be stopped before he gets at any more of us.
If the following sounds familiar to anyone, particularly if you are in Macau, Qatar, Italy, Brussels or Canada could you please post a response.
It appears that there could one of our number out there who is making a habit of establishing a financial scam known as a “Ponzi Scam” named after its originator of the 1930’s.
The scam works as follows:
The initiator of the scam is a fellow pilot who tells the following story.
By chance has meets a benevolent and established entrepreneur whilst paxing in Business class. The entrepreneur is a citizen of, and resides in a nearby country where his many successful businesses are also located.
The story told by the Scamster/pilot goes on that the fictitious entrepreneur invited him to put some money into one of his operations. Starting cautiously his involvement has grown and through the input of additional capital of his own, the business is now returning the Scamster/pilot a rewarding sum.
Using the relationship established in the cockpit or crew room the Scamster individually invites his colleagues to join in.
The natural reaction is to reject the offer as impossible and a scam.
The approach however is subtle, persistent and supported by apparently legitimate and appropriate paperwork. The entrepenur has also supposedly provided the Scamster/pilot with a bank guarantee to cover the invested funds.
This leads some to change their mind.
The Scamster/pilot then takes on the task, as a friend, of liaising with the fictitious entrepreneur, arranging funds transfers, providing statements and regular updates on the continued health of the investment.
Those who were introduced to the scam earlier are paid a dividend on their investment, which is actually provided out of the cash flow of those subsequently investing, and thus the scheme gains “legitimacy” over the grape vine. The scheme runs and more “investors” are attracted. Family and friends become involved.
The “on paper” returns are such that it appears prudent to allow the investment to grow through reinvestment of the dividend.
Larger sums are then invested and over a period of months quite a large amount of money is placed in the hands of the Scamster.
The problem comes when the “investors” wish to realize their gains. The Scamster/pilot tells all, that payments will be forthcoming but they are delayed because of foreign exchange restrictions.
As news of the delays circulate, suddenly everyone wants their money at once.
Here is a twist on a standard “Ponzi.”
The payments that the fictitious business man has supposedly promised to send do not materialize. The Scamster/pilot who has been doing all the clerical work is also suddenly unable to contact the entrepreneur.
The scamster/pilot reports that there is no money in any accounts and the bank guarantees that were supposed to exist are worthless.
After a few days he tells the “investors” that the fictitious entrepreneur has vanished and that he has contacted the police in an attempt to find him.
He also tells the “investors” that he is as much of a victim as they, claiming he is owed far more money than any one else. He accepts no responsibility for any losses and as all investors participated of their own free will, he needs the support and cooperation of the investors in his attempts to find the fictitious businessman.
There is nothing but empty bank accounts a useless phone number and email address for the investors to try and trace and the police can not find the businessman who may or may not have ever existed.
The Scamster /pilot then uses a series of legal maneuvers to insulate himself from any further potential legal problems with the local police.
It appears the Scamster/pilot is then finding another job in another country and starting the process over again.
The particular individual I believe to be perpetrating this Affinity Fraud is apparently the holder of a UKATPL and is apparently endorsed on Airbus and Boeing.
Once again if you have heard of such a scheme please post a reply.
We will see if this individual can be stopped before he gets at any more of us.
Join Date: Jan 2002
Location: South Africa
Posts: 286
Likes: 0
Received 0 Likes
on
0 Posts
Similar in South Africa
Different guy maybe ,but this one was sooo glib that unsuspecting people believed that he held a valid CPL when even his PPL had expired.
He disappeared after 1982 but resurfaced during the '90's -maybe he was locked up , but then continued his nefarious activities for a while until again he disappeared.
Be on the lookout !
He disappeared after 1982 but resurfaced during the '90's -maybe he was locked up , but then continued his nefarious activities for a while until again he disappeared.
Be on the lookout !
I'matightbastard
Join Date: Jul 2001
Location: Texas
Posts: 1,747
Likes: 0
Received 0 Likes
on
0 Posts
Re: Scamster Pilot Warning/Help
Oddly enough though Mussolini hired Ponzi to oversee the national airline 's interests in Brazil
...or something.
told you so
...or something.
told you so
In Italy, Ponzi jumped from scheme to scheme but little came of them. He eventually got a cozy job as the agent for Ala Littoria, the Italian state airline, in Brazil. However, during World War II, the Brazilians, who had signed up with the Allies, realized the Italians were using the airline to ship strategic materials and shut it down.
