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Message
Coworker was propositioned with a ponzi scheme....- Updated-Gets Worse
Posted on 9/4/13 at 10:09 pm
Posted on 9/4/13 at 10:09 pm
So I stop by to shoot the breeze with a co-worker and he tells me of this friend he had in college who is making a crazy amount in the stock market (25%), when the friend offered to invest his(co-workers) money and guarantee his principal for a period of 6 months, in which he would take a small cut for his services and give my co-worker the rest of the gains. I then informed him that was the very definition of Ponzi scheme.....unfortunately, my co-worker is just out of college so he is very naïve and said he is going to give the guy money. This was after I told him he was a moron for doing so.
Anyone else been approached by someone touting a deal like this?
Update: now the guy told my co-worker that he will give him $6,400 in 6 months for 4k now
Anyone else been approached by someone touting a deal like this?
Update: now the guy told my co-worker that he will give him $6,400 in 6 months for 4k now
This post was edited on 9/9/13 at 12:40 pm
9
Posted on 9/4/13 at 10:49 pm to TJG210
If he's first in it could work out well for him. Maybe.
What is really moronic is investing money in something you don't understand. He's basically giving someone a personal unsecured loan at a high promised interest rate, simple as that, with zero insight into how the gains will be maintained.
What is really moronic is investing money in something you don't understand. He's basically giving someone a personal unsecured loan at a high promised interest rate, simple as that, with zero insight into how the gains will be maintained.
Posted on 9/4/13 at 10:57 pm to TJG210
That's not the definition of a ponzi scheme, but it sounds like something that could end up being one.
Posted on 9/5/13 at 8:33 am to TJG210
When people start guaranteeing a return in investing/trading, don't just walk, but run as fast as you can from them.
Posted on 9/5/13 at 9:08 am to TJG210
quote:
So I stop by to shoot the breeze with a co-worker and he tells me of this friend he had in college who is making a crazy amount in the stock market (25%)
25% is crazy? I made 25% the past year on my index funds.
(although that is not typical, obviously, I don't consider it crazy - that's how 8, 10, 12 percent averages work - 3% 1 year, -1% the next, 16% the 13, etc.)
Posted on 9/5/13 at 9:41 am to TJG210
I know a guy who if given 10k will give you a $500 visa gift card every month for life. I've got buddies in at 100k, getting 5k in gift cards a month for about 5 years and counting. Guy has never missed a payment, still I can't pull the trigger
Posted on 9/5/13 at 10:55 am to TJG210
quote:
my co-worker is just out of college so he is very naïve and said he is going to give the guy money.
"A new college grad and his money are soon parted."
Posted on 9/5/13 at 2:01 pm to TJG210
quote:
Anyone else been approached by someone touting a deal like this?
Yes I asked a few pointed questions and they changed the subject abruptly. I like to do this to Amway etc drones too.
Posted on 9/5/13 at 2:22 pm to TJG210
quote:
So I stop by to shoot the breeze with a co-worker and he tells me of this friend he had in college who is making a crazy amount in the stock market (25%)
I'm up nearly 35% in 4 weeks.
My scheme: Buy low, sell high.
Posted on 9/9/13 at 9:14 pm to TJG210
quote:
Update: now the guy told my co-worker that he will give him $6,400 in 6 months for 4k now
He wants to put the money on LSU winning the national title.
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