Ponzi schemes shut down.

[Tommy T.]

On 8/13/2019 at 9:54 AM, Dave Hounddriver said:

Has anyone heard any more in the news about Ponzi schemes getting shut down?  I haven't.

They keep on coming, unfortunately, Dave. This just in today's news:

NBI files syndicated estafa raps vs. another investment ‘scam’

Marchadesch, Barbara

4 hrs ago

Creation of traffic crisis council OK’d

The National Bureau of Investigation has filed a syndicated estafa complaint against 39 people allegedly connected to another scam posing as a high-interest investment scheme in Mindanao.

The NBI also accused the officers of the Alabel-Maasim Mining Co. (ALMAMICO) and Alabel-Maasim Small-Scale Mining Cooperative (ALAMCCO) of violating the Securities Regulation Code for allegedly engaging in investment activities without authority and license.

The purported credit cooperative solicited money from the public by promising a 35-percent monthly interest, the NBI claimed, citing two private complainants who each alleged they and their subordinates invested tens of millions into the "emerging" investment entity.

"ALMAMICO/ALAMCCO recruits its victim in the guise of a credit cooperative and once a person becomes a member, one should make a deposit in the guise of contribution which would in turn earn interest or profit in such a short period of time," the NBI said, describing the supposed modus operandi.

The alleged promised return is higher than the 30 percent purportedly promised by another controversial corporation, the Kapa Community Ministry International, Inc., whose officers have also been accused of estafa before the Department of Justice. 

"This is a pyramiding investment scam considering that in common and ordinary experiences in life, no business has ever survived and will last in this kind of business setup," the NBI said in the complaint against ALAMCCO.

Founder and chairperson Jerson Cagang and at least five directors were included among the dozens of respondents to the complaint. Cagang and two other officers were placed on the immigration watchlist last June.

The NBI claimed that the crimes were committed from December 2018 to June 2019 at the ALMAMICO/ALAMCCO offices in Sarangani Province, General Santos City, Koronadal City, and Panabo City. — BM, GMA News

[Arizona Kid]

8 hours ago, Tommy T. said:

They keep on coming, unfortunately, Dave. This just in today's news:

NBI files syndicated estafa raps vs. another investment ‘scam’

Marchadesch, Barbara

4 hrs ago

Creation of traffic crisis council OK’d

The National Bureau of Investigation has filed a syndicated estafa complaint against 39 people allegedly connected to another scam posing as a high-interest investment scheme in Mindanao.

The NBI also accused the officers of the Alabel-Maasim Mining Co. (ALMAMICO) and Alabel-Maasim Small-Scale Mining Cooperative (ALAMCCO) of violating the Securities Regulation Code for allegedly engaging in investment activities without authority and license.

The purported credit cooperative solicited money from the public by promising a 35-percent monthly interest, the NBI claimed, citing two private complainants who each alleged they and their subordinates invested tens of millions into the "emerging" investment entity.

"ALMAMICO/ALAMCCO recruits its victim in the guise of a credit cooperative and once a person becomes a member, one should make a deposit in the guise of contribution which would in turn earn interest or profit in such a short period of time," the NBI said, describing the supposed modus operandi.

The alleged promised return is higher than the 30 percent purportedly promised by another controversial corporation, the Kapa Community Ministry International, Inc., whose officers have also been accused of estafa before the Department of Justice. 

"This is a pyramiding investment scam considering that in common and ordinary experiences in life, no business has ever survived and will last in this kind of business setup," the NBI said in the complaint against ALAMCCO.

Founder and chairperson Jerson Cagang and at least five directors were included among the dozens of respondents to the complaint. Cagang and two other officers were placed on the immigration watchlist last June.

The NBI claimed that the crimes were committed from December 2018 to June 2019 at the ALMAMICO/ALAMCCO offices in Sarangani Province, General Santos City, Koronadal City, and Panabo City. — BM, GMA News

Your copy and paste abilities are impressive!

[Tommy T.]

13 hours ago, Arizona Kid said:

Your copy and paste abilities are impressive!

You noticed? And I can read too!!! My talents just never end!

[OzeMike]

I was one of those .....and yes know the "non-gentleman" who you are talking about, the man behind his wife ,as it was then.

It was the same scheme that Dave H referred to back in 2012 when I was living in Cebu. I might even had been one of those foreigners in that room that pooh pooh you Dave...I'm not sure. 

That scheme was sold on the back of the PDIC's insurance backing as it was through a rural bank who were in on the scheme. Think the PDIC cover per bank account back then was P250, 000.

So I only invested P250T as did my wife. 

I claimed and got P200,000+ back eventually but my Filipino wife's claim went round and round in circles and was never paid.

Some people invested huge sums and lost the lot. 

What was particularily annoying was said non-gentleman kept encouraging people to invest and accepting new members to the scheme even when he knew the scheme was about to fold. A**h*le is too nice a name for this expat who made thousands from gulible investors....yes I admit I was one. 

The old adage "If it's to good to be true...it ain't true" applies in all this schemes. 

 

Footnote: sorry guys this should have been linked to quotes by Dave Houndriver and a reply to him about a ponzi scheme back in 2012. I stuffed up the quotes being in this reply... dotterage showing I'm afraid

Here is the post from Dave that OzeMike referenced above.

 

<snip>So if a bank tells you they have a mutual fund that you can invest in, and historically it makes 20 % per year, does that sound too good to be true?  What about if I tell you I am a fund investor and historically I make 20% per year, does that sound too good to be true?

Which one is more likely to be a Ponzi scheme?

When you think you have the answer, Google "Philippine rural banks Ponzi scheme 2008".

It is interesting that you use that old saying because people told me that same story before I moved to the Philippines.  I told them how great it was here and they said: "That sounds too good to be true, I would not go there if I were you".  It was great back then.  Perhaps that was because there were not so many foreigners here. <end snip>

Edited October 4, 2019 by Mike J
Added referenced post to add clarity

[Arizona Kid]

44 minutes ago, OzeMike said:

The old adage "If it's to good to be true...it ain't true" applies in all this schemes. 

I'm sorry that you had to learn the hard way. But it's a lesson that we all need to learn. Kudos to you for sharing.