Scams in General.

[chris49]

Just read the "Fake Gay Marriage" thread. And I decided to spin off a new thread.

Sadly I have been directly or indirectly involved in a few, usually reeled in by my previous partner. Or she would siphon money off my account or my money in her account. Mostly my own fault, but some scams are so clever, they are hard to spot.

M.A. joined Fitness First gym and over time maybe a year, established a strong circle of friends. Including my ex partner and the whole barkada group. So much so that she was Maid of Honor at a wedding, a lavish affair at the Manila Hotel, also one of the ladies from the group who married an Aussie. M.A. was extremely well dressed, attractive, she had her own house and car, she had all the hallmarks of a successful career woman. As she said, she had reached management level at San Miguel Corporation. Although I was not directly involved, I did ask why she was never at her work. And they said, she's corporate level, she has complete freedom and will only attend for meetings.

This group had a lot of social activities in which I was not involved. All rich ladies mostly with O/S workers as husbands, all with cars and nice houses. My partner fit right in, or at least she forced her way in. We were flush with money and I spent my days either playing, golf, at the gym, or other forms of training. I did not pay much attention to what was going on. I put substantial money in partner's account and also had my own accounts. Partner held the credit cards, so we each managed our own finances. Although I covered the overheads and partner's account tended to increase thanks to some small business we were doing.

Partner is handling large amounts of money for the first time and became an easy target. After all, it was free money to her.

M.A. continues getting closer to the group and friendly to J. my ex partner. Now J. mentions that M.A., has some insider business at San Miguel and is accepting cash for investment. The scheme was already underway and J. was already in for 200k. 8% interest and M.A. was paying that monthly.....and she would return the 200k, but she would ask for the 200k again within the next month. When I first know about it, the amount is 600k and the return is 32k per month. Of course anyone can see it's a Ponzi, but J. is adamant that M.A. is her friend. This went on, but I was not shown the profits or the bank balance, but if I did see the accounts, I would say the money had dropped substantially.  We did move some large amounts of cash at that time, building a house, so although I knew there was a problem, the picture was a cloudy.

This goes on for at least 6 months. And later due to J. being a serial bigamist, we end up splitting.

I did not get my money back, but was in touch with several members of J.'s barkada group on FB.

Fast forward a year. Everyone of the group has been encouraged to put in money by J. Minimum 100k and some put in more. They started contacting me complaining.

Bottom line. J. has per their claim gotten her capital back, but M.A. has disappeared with the money. I later heard that J. lost money also, but I was not in contact with J. at that time. All the others lost money at last a million in total, probably more.

M.A. was living in Rizal, a good distance from Q.C., during the long phase of this con, she as the only one who did not invite the others to her house. FB did show a high class residence, but by that time her FB account was closed.

I have one other, will recount later.

Any other similar items? At least post them as a warning to others.

 

Edited May 30, 2016 by chris49

[mogo51]

I got stiffed by a Thai con artist, recommended by a 'friend' from Oz.  Put money into a local village money lending scheme, Lost $13k au, after getting interest for 3 months, then she bolted with my money and others, total 1m bht.

She was gambling it all.

[RBM]

Sure quite a few guys here will recall the rural bank saga. Guess was around 4---5 years ago, I was contacted by a Filipino accountant to invest at a branch in Dumaguete. From memory 20%per month which is crazy, how ever coming from a bank kinda had some substance, so I thought. 

Well the upshot was they would not accept a deposit for less than a million so I declined. Seems many others did not, around a year later this one and others collapsed. Believe another ponzi scheme .....run by banks.

[sonjack2847]

40 minutes ago, RBM said:

Sure quite a few guys here will recall the rural bank saga. Guess was around 4---5 years ago, I was contacted by a Filipino accountant to invest at a branch in Dumaguete. From memory 20%per month which is crazy, how ever coming from a bank kinda had some substance, so I thought. 

Well the upshot was they would not accept a deposit for less than a million so I declined. Seems many others did not, around a year later this one and others collapsed. Believe another ponzi scheme .....run by banks.

I had money in the Rural bank in Dalaguete but took it out as the teller was openly discussing how much I had in there and how much rent I paid where I lived. I wondered why they changed their name a while back. There too many ponzi schemes here and you have to be careful.

[Sander Martin]

I live by two rules.

 if it's to good to be true, it usually isn't.

Dont do business with friends, thats the easiest way to lose them.

Wouldn't invest anything into anywhere if i didn't know the details.

[Sander Martin]

20% per month from rural bank (240%per year)

8% per month from a "friend" (96%per year).

 

Anyone with a brain (and is level headed) could figure out its a ponzi scheme right awey...

[chris49]

The one that came to my attention 7-8 years ago. Indirectly, but I saw one party roped in.

File your request for a tourist visa to USA. Once filed give "us" 250k in pesos. We have an insider who will approve your visa. Once in the USA you can stay and work illegally, your money is back in 6 months.

[RBM]

19 hours ago, Sander Martin said:

20% per month from rural bank (240%per year)

8% per month from a "friend" (96%per year).

 

Anyone with a brain (and is level headed) could figure out its a ponzi scheme right awey...

Realistically yes, if your familiar with the normal interest rates here in Phillipnes it does not sound so far fetched. Especially backed by the name BANK.

Common is 5/6.....Now try working that one out, 500 borrowed and repayment of 600 in 30 days....Now the 240% will pale.

[Sander Martin]

1 hour ago, RBM said:

Realistically yes, if your familiar with the normal interest rates here in Phillipnes it does not sound so far fetched. Especially backed by the name BANK.

Common is 5/6.....Now try working that one out, 500 borrowed and repayment of 600 in 30 days....Now the 240% will pale.

Yes they have that i  meny western countries. In Estonia we cal them SMS loans. A quick small loan with a huge %.

Why would the bank pay you 20% per month for your money tho? That would mean that they would have to charge more then 20% to make a profit (alot more then 20% to cover the time your money isn't lent out).

Im sorry, but no bank will ever pay you 20% per month or 240% per annum. My bank in Europe pays me 0.02% (a joke). Most intrest rates the bank charges when you lend are under 10%. The huge intest rates are only for very small sums. I cant see a bank anywhere in the world paying you much more then 5% per annum at the moment.

Seeing how meny banks there are here, then i dont think its hard to open a bank here. Notice how the big banks never offer you cosmic intrest rates like that... Only the very small rural banks...

Edited May 31, 2016 by Sander Martin

[RBM]

22 hours ago, sonjack2847 said:

I had money in the Rural bank in Dalaguete but took it out as the teller was openly discussing how much I had in there and how much rent I paid where I lived. I wondered why they changed their name a while back. There too many ponzi schemes here and you have to be careful.

Had similar experience at BDO Dumaguete Kev some years ago. A customer beside me asked the teller how much in my account and she told him. Was obvious she knew the client but no excuse. It really makes a mockery of Bank secrecy laws.