Did our Wasp pull a fast one ?

[counter_violent]

[ QUOTE=Splitlink;1078308]There is no protection for the greedy. I feel sorry for them but it was their fault. This trickster went too far and got caught, like Madoff. There are plenty of others out there
who are fishing for tiddlers and never get caught as long as they don't hook a shark. More often than not, instead of going to gaol , they get a good hiding.

Look at the posters on "boiler rooms". They shout and threaten but that is all they can do, most of the time.[/QUOTE]

You are very experienced in life Split...you know all the pitfalls learned either because you listened to elders and those more knowledgable...or learned from bitter experience

The problem these days is...experience is not valued at all...it seems people want to repeat and not learn from the same mistakes made by others over and over again.

It's no use people sitting on the fence and being smug and clever..."thinking well thats ok cos it didn't happen to me".....We all have a duty of care to each other and to be proactive in pursuing wrong doers to the enth extreme.

 

[Splitlink]

[ QUOTE=Splitlink;1078308]There is no protection for the greedy. I feel sorry for them but it was their fault. This trickster went too far and got caught, like Madoff. There are plenty of others out there
who are fishing for tiddlers and never get caught as long as they don't hook a shark. More often than not, instead of going to gaol , they get a good hiding.

Look at the posters on "boiler rooms". They shout and threaten but that is all they can do, most of the time.

You are very experienced in life Split...you know all the pitfalls learned either because you listened to elders and those more knowledgable...or learned from bitter experience

The problem these days is...experience is not valued at all...it seems people want to repeat and not learn from the same mistakes made by others over and over again.

It's no use people sitting on the fence and being smug and clever..."thinking well thats ok cos it didn't happen to me".....We all have a duty of care to each other and to be proactive in pursuing wrong doers to the enth extreme.[/QUOTE]

That's true but remember the old saying, "There's no fool like an old fool"

I could have lost a lot of money with a building society that went bust in the late fifties. Something like Northern Rock, queues around the block. My trouble was that I was at sea at the time and could not join the queue! This was saved by the Registrar of Building Societies and my BS was taken over by Woolwich, so I got my money back in the end. But my lesson, well learned, was never to go for the extra 0.25% interest when there are a lot of reliable and better names in competition for your money. I was young and greedy. Now I go for the reliable names and they are a bit dodgy in these times!

Actually, there is a bit more to that, it being confession time and all. I persuaded my sister and my best friend's mother (he was in Canada) to put money into it, as well. You can imagine how I felt about that.

The good part was that they were smart enough to be at the top of the queue and got theirs all out.

Lesson 2, well learned, be a loner when it comes to investing.

I think my sister learned that one, too!

 

[squall321]

Of course! This was speculation pure and simple. He, probably, meant well when he started, I'll give him the benefit of the doubt, but when things start to unravel it's the devil take the hindmost.

Meaning well doesnt mean a lot.

There's two types of scammers, some scam for money pure and simple, and then some scam for some other reason. need for attention, to be accepted, they want to be a guru or "a name".

this is STILL SCAMMING, scamming your time and probably your money in the end as well. they are still getting something in return, but because they are "nice guys" and "just want to help" no one pays any attention, and anyone who says - look this guy is a fraud, what are you doing? - you just get it thrown back in your face. how DARE anyone say anything bad about this top bloke, hes so nice and genuine etc.etc.

so you can't really help people. just keep quiet

Sauve qui peut

 

[arabianights]

I've had a long, hard weekend with no lulz and have got a lot of delicate phone calls to make this evening.

Therefore, I feel like posting some lulz.

 

[squall321]

It's no use people sitting on the fence and being smug and clever..."thinking well thats ok cos it didn't happen to me".....We all have a duty of care to each other and to be proactive in pursuing wrong doers to the enth extreme.

Ok, but next time you see a scam, or a con artist, try and warn in foresight.

Two things will happen

1. either you get told to **** off or get accused of being bitter, or something along those lines.
2. you manage to get the truth across and convince some people it was a scam. now, what will happen next - the people invested in the scheme will pull out and msot will lose money, but, they will accuse you off toppling the "business" by spreading bad vibes about it, and causing panic, and that caused them to lose money. not the fact that, ykno, it was a pyramid scheme or the guy was full of **** to begin with. you'll get the blame. and because it's impossible to show them the alternative future (where the scam collapses of its own accord and proves you are right) they will stick to their opinion. this is what happened all the time with Amway/Quickstar schemes.

 

[arabianights]

Ok, but next time you see a scam, or a con artist, try and warn in foresight.

Two things will happen

1. either you get told to **** off or get accused of being bitter, or something along those lines.
2. you manage to get the truth across and convince some people it was a scam. now, what will happen next - the people invested in the scheme will pull out and msot will lose money, but, they will accuse you off toppling the "business" by spreading bad vibes about it, and causing panic, and that caused them to lose money. not the fact that, ykno, it was a pyramid scheme or the guy was full of **** to begin with. you'll get the blame. and because it's impossible to show them the alternative future (where the scam collapses of its own accord and proves you are right) they will stick to their opinion. this is what happened all the time with Amway/Quickstar schemes.

nah best way to do it is after 3 grammes and enough alcohol to swim in, always works

 

[episteme]

I've had a long, hard weekend with no lulz and have got a lot of delicate phone calls to make this evening.

Therefore, I feel like posting some lulz.

Just in case you didn't mean to - the first page has a real name and address still visible that maybe should be blacked out?

 

[arabianights]

Just in case you didn't mean to - the first page has a real name and address still visible that maybe should be blacked out?

Yeah I removed it.

Not that, like, there's any point... it'll be in the London Gazette shortly I believe.

 

[donaldduke]

well the fsa havent added him to their list yet:

http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/unauthorised.shtml

 

[Splitlink]

Ok, but next time you see a scam, or a con artist, try and warn in foresight.

Two things will happen

1. either you get told to **** off or get accused of being bitter, or something along those lines.
2. you manage to get the truth across and convince some people it was a scam. now, what will happen next - the people invested in the scheme will pull out and msot will lose money, but, they will accuse you off toppling the "business" by spreading bad vibes about it, and causing panic, and that caused them to lose money. not the fact that, ykno, it was a pyramid scheme or the guy was full of **** to begin with. you'll get the blame. and because it's impossible to show them the alternative future (where the scam collapses of its own accord and proves you are right) they will stick to their opinion. this is what happened all the time with Amway/Quickstar schemes.

Mame kissed a buyer from out of town
That kiss burned Chicago down
So you can put the blame on Mame, boys
Put the blame on Mame

 

[arabianights]

well the fsa havent added him to their list yet:

http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/unauthorised.shtml

True, I just feel like drip feeding lulz again.

Had people just let me do that in the first place...

 

[donaldduke]

True, I just feel like drip feeding lulz again.

Had people just let me do that in the first place...

keep the lulz coming..

the fsa are a waste of space, whats the point of adding anyone to a list that no one reads anyway, 1 year after the scam..

 

[counter_violent]

Ok, but next time you see a scam, or a con artist, try and warn in foresight.

All those affected were in the loop at a very early stage...there's only so much warning one can do before sounding like a scratched record.

Two things will happen

1. either you get told to **** off or get accused of being bitter, or something along those lines.
2. you manage to get the truth across and convince some people it was a scam. now, what will happen next - the people invested in the scheme will pull out and msot will lose money, but, they will accuse you off toppling the "business" by spreading bad vibes about it, and causing panic, and that caused them to lose money. not the fact that, ykno, it was a pyramid scheme or the guy was full of **** to begin with. you'll get the blame. and because it's impossible to show them the alternative future (where the scam collapses of its own accord and proves you are right) they will stick to their opinion. this is what happened all the time with Amway/Quickstar schemes.

Yep exactly.

Then there is the additional problem of legal threats...smokescreen from which to hide behind.

 

[arabianights]

On Mon, Jan 11, 2010 at 2:38 PM, {{redacted - but obvious}} wrote:
Good evening,

Thank you all for your emails. My lawyer will be in touch relating to all matters regarding the 'scheme' in due course, once Mr Sheehan has confirmed the FSA's final position on the proceedings.

Kind Regards,

 

[arabianights]

Nevertheless, in defence:

On Mon, Jan 11, 2010 at 5:00 AM, {{obvious}} wrote:

The only singular reason any of this happened was the inability to keep private emails and private personal information of the internet, trading forums and other peoples inbox's. from the point of arabianights receiving information not privy to him, I did what I felt necessary to protect the pool and my own privacy and kept to the pool agreement, which was, to trade all the funds, without withdrawal until mid December. Everything that has come about has been due to the privacy concerns within the first 2 months. I'm sure no one would like all their personal banking, brokerage, emails, address and phone numbers plastered across 5 forums and in random strangers inbox's.

So just to clarify your points;

1: traded it.

2: the balance equates to £8900 per 'share'.

3: yes.

5 members of the pool could see quite plainly and obviously that if it was not per what I said, I would have run off with your money a long time ago, but no, here I am, answering mails and adhering to {{readcted}}'s requests. As I said, If the above never happened, I would never have needed to do what I did for my own security and members of the pool.

As for what happens next, that first depends on the FSA, then I can proceed, as planned, ever since day 1, their viewpoint dependant.

{{obvious}}

 

[arabianights]

keep the lulz coming..

the fsa are a waste of space, whats the point of adding anyone to a list that no one reads anyway, 1 year after the scam..

Well there is this possible reason may not be on the list yet... I won't add any more lulz for a while after it, it's enough lulz for present

The asterixes refer to attachments. I have them but as I'm erring strictly on the side of privacy here... In fact even if I wasn't, I don't feel they're relevant from the point of view of lulz, as lulz @ someone's financial situation... well that's bullying, not lulz.

Sent: Fri, 8 January, 2010 15:58:54
Subject: FSMA Act 2000 - Your rights

Good afternoon,

As you are aware, prior to the end of the pool, my bank, for reasons unknown, closed my only bank account(*1) leaving me without any means to withdraw funds for the profits of the pool (herein labelled scheme pursuant to FSA regulations). Without an account, due to anti money laundering laws, I could not withdraw funds through any other means until a bank account was opened. Two were declined, and Natwest took the month of December and into January to also then be refused(*2). I followed this up with the financial ombudsman(*3) and as yet, have not received a response and without account still.

Sent on the 14th of December, and received on the 22nd, I was informed by the FSA that the agreements we signed in relation to the scheme constituted a 'business' agreement, despite not for my profit, spread betting and investment club wrapper, and thus I hereby inform you of your rights, under section 26 of the Financial Services and Markets Act 2000.

26 Agreements made by unauthorised persons

(1) An agreement made by a person in the course of carrying on a regulated activity in contravention of the general prohibition is unenforceable against the other party.

(2) The other party is entitled to recover—

(a) any money or other property paid or transferred by him under the agreement; and


(b) compensation for any loss sustained by him as a result of having parted with it.


(3) “Agreement” means an agreement—

(a) made after this section comes into force; and


(b) the making or performance of which constitutes, or is part of, the regulated activity in question.


(4) This section does not apply if the regulated activity is accepting deposits.

Further action is unknown at the moment, as is the status of my new bank account but as soon as opened, those members whose details I have will receive their money paid, and if I do not have your details, please forward or an address for a cheque to be sent too, alternatively, if you wish to make things more concrete for your peace of mind, there is https://www..moneyclaim.gov.uk/csmco2/index.jsp.

I have included Mr Sheehan of the FSA within this mail for confirmation of informing you of your rights and so he can inform me of any further actions requested by the FSA in regards to this matter.

Kind Regards,

{{obvious}}


Kind Regards,

 

[everyonerich]

i know probably im bumping up old thread. but look what i found on net today!

 

[DionysusToast]

*cough* something rhyming with "trollocks".

Let's say a bank guaranteed you 100% return on your deposits, are you going to say: "no thanks, i'd rather go to the stock market and make 20% because i'll get more pleasure and satisfaction out of it". Feel free to substitute in your own numbers if you're some mega-star trader making hundreds if not thousands of % on your capital. I'd bet good money dante and those who claim to share your sentiment would bite the bank's hand off.

It is interesting to read the replies to the above post.

Things like "it's not the return, it's the love of trading", "you miss the point", "I love trading and would feel better with lower returns knowing I'd done it myself".

Anyone that turns down a risk free 100% return on their money is what is technically known as "a total ****ing idiot". If I was offered this, I'd hand over every penny I had and sit on a beach for a year. Then I'd take my doubled money and trade it myself after giving the bank manager oral pleasures for doubling my cash.

The only way I can see anyone with an IQ over 50 turning this down is if they don't actually have any money in the first place. For sure, if you only have $1000, then I guess it wouldn't make any difference. If ,on the other hand, you had a couple of hundred grand or above, you would be nutz to turn this down.

 

[GammaJammer]

Actually I think what it usually indicates is people aren't really responding to the truly hypothetical question (i.e. they aren't really taking it as read that the money is genuinely risk free). They are responding to the question "What if a bank OFFERED you 100% risk free money?" and basically indicating that they would be sceptical about the claim and that they would subsequently rather make 20% knwing they were in control of the risk.

Of course most people, offered really truly 100% risk free money would take it.

But how is that relevant in the context of a thread about a confidence trickster. Risk free it most certainly wasn't by the sounds of things....

GJ

 

[GammaJammer]

And in any case, there are some things that AREN'T scared by a wasp.....