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1
Posted on 2/17/18 at 9:30 am to baldona
quote:
Sure it's probably $20k today and in 2 months when he gets his first Ponzi scheme payment back they'll ask for $40k because it 'clearly' works.
This. While I have no issue with people shrieking about the greed of the Bernie Madoffs of the world, I have a hard time not thinking about the greed of the "victims" as well. After a couple of confidence checks, they start mentally moving from comfortable retirement to a home in the Maldives, and that's when the bottom drops out.
Posted on 2/17/18 at 11:00 am to AndyJ
quote:
When I asked him what it was, he threw out “Bank note” and says his last transaction was with Chase bank. He didn’t really know what he was investing in.
I stopped reading there.
If your father is a successful attorney, how would he advise a client who was about to sign something that they didn't fully understand?
I don't know what this investment is. But I don't invest in things that I don't fully understand. If he chooses to do that, then what happens, happens... and he has only the man in the mirror to blame if it goes pear shaped.
Posted on 2/17/18 at 11:52 am to Jag_Warrior
quote:
If your father is a successful attorney, how would he advise a client who was about to sign something that they didn't fully understand?
When my friends or family members ask me about some investment opportunity I tell them to explain to me in plain English how it works, where does their money go, how do they earn a return, if they cant do that I tell them they have no business putting money into it.
Posted on 2/17/18 at 8:35 pm to AndyJ
He's probably putting your dad's money into Ethereum.
Posted on 2/17/18 at 9:08 pm to AndyJ
My experience is that parents don’t like taking advice from their kids.
My dad lost his arse on something similar. I have a PhD and my brother is a VP of a mid size company. He told us both we didn’t know what we were talking about and doubled down.
My dad lost his arse on something similar. I have a PhD and my brother is a VP of a mid size company. He told us both we didn’t know what we were talking about and doubled down.
Posted on 2/18/18 at 4:39 am to AndyJ
In addition to what everyone else has already said, consider this: Why would any legitimate borrower be willing to pay 8.2% guaranteed when he can get a regular bank loan for much less than that?
Posted on 2/18/18 at 6:33 am to foshizzle
quote:
Why would any legitimate borrower be willing to pay 8.2% guaranteed when he can get a regular bank loan for much less than that?
Exactly. I knew a guy that lost pretty much everything in one of these scams.
Posted on 2/18/18 at 12:52 pm to AndyJ
You can look at international rates. Russia's central bank is at 7.5% right now and I'm seeing deposit rates of 7%. There's countries with higher rates but I believe Russia has highest rate to soundest economy.
Back in the glory days of central banking people would get a loan from one country at like 1-2% interest and then stick in in a deposit account in another country at upwards of 15-20%. It was the easiest money known to man.
Back in the glory days of central banking people would get a loan from one country at like 1-2% interest and then stick in in a deposit account in another country at upwards of 15-20%. It was the easiest money known to man.
Posted on 2/18/18 at 7:22 pm to AndyJ
You will suffer from powdered butt syndrome as Dave Ramsey calls it for telling him it's a scam.
It's a scam if he is telling him it's 8% risk free return. Its probably some kind of exotic annuity that has higher risk than he implies and earns him a bigger commission.
I would ask your dad for details... Just tell him you are interested in how to get that kind of guaranteed return, and wanted more info.
In short this financial advisor is majorly bad news if he is repping any kind of exotic indexed annuity or 8% bank note.
It's a scam if he is telling him it's 8% risk free return. Its probably some kind of exotic annuity that has higher risk than he implies and earns him a bigger commission.
I would ask your dad for details... Just tell him you are interested in how to get that kind of guaranteed return, and wanted more info.
In short this financial advisor is majorly bad news if he is repping any kind of exotic indexed annuity or 8% bank note.
Posted on 2/18/18 at 8:47 pm to HailToTheChiz
my Guess is it has something to do with an annuity. Either a first year teaser or the guy selling it is misleading him by saying 8.2 percent returns but not telling him that includes return of principle also. Most annuities are sold by brokers who don’t understand them, or don’t want to.
Posted on 2/19/18 at 7:58 am to 1609tiger
The real question to ask your dad is why was this proposed by the adviser? Did your dad call him or did he call your dad? If he called your dad out of the blue with some great new investment he needed to get in on then I'd stay on your dad about getting out asap.
Posted on 2/20/18 at 11:05 am to 1609tiger
quote:That was my first thought as well.
my Guess is it has something to do with an annuity. Either a first year teaser or the guy selling it is misleading him by saying 8.2 percent returns but not telling him that includes return of principle also. Most annuities are sold by brokers who don’t understand them, or don’t want to.
Posted on 2/20/18 at 12:30 pm to KamaCausey_LSU
Like others have said it's probably an Annuity that has a guaranteed 8.2% rate to his income base for a certain period. They would credit it to his income base (either 8.2% or MV, whichever is higher.) The 8.2% is probably not going towards his principal.
Posted on 2/20/18 at 7:17 pm to Azazello
quote:
Ive seen this episode of American Greed before
As and FBI agent said on American Greed....if anyone guarantees more than 8%, it's most likely a scam.
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