 |
|
 |
 |
|
|
Forum
-> Household Management
-> Finances
rainbow dash
|
 Mon, Apr 17 2023, 10:38 am
| WhatFor wrote: | If Rainbow Dash is talking about the Zev Brenner podcast about the pesach thing, it came up in a different context. The guests were discussing how people get away with scamming multiple people for pesach/shabatton programs. So someone said they just change the name of the program and go to another community. And then one guest said something to the effect of, they might still be able to do this again in a community where people don't have internet, and he said this person might still be able to get away with this in the specific type of chassidish community that doesn't use internet, so they wouldn't see all the hype about the failed programs.
I'm not saying I agree or disagree with that. Just repeating what was said. |
Yes, this is what I meant.
| |
|
| Back to top |
 0
 0
|
|
amother
Acacia
|
Mon, Apr 17 2023, 10:48 am
|
Rule of thumb; if anyone promises a high return it’s usually a scam or very risky! Better safe, slow and steady
| |
|
| Back to top |
0
4
|
|
amother
DarkPurple
|
Mon, Apr 17 2023, 10:49 am
The ones without internet have internet and the ones truly without internet don't go anywhere and they're super connected within the community and wouldn't trust anyone with their money.
| |
|
| Back to top |
0
6
|
|
amother
NeonPurple
|
Mon, Apr 17 2023, 10:56 am
I think the "screaming LH" and the "don't publicize, it's embarrassing for the family" makes it easier for people to create scams in the frum community if they just bide their time.
Someone who makes a bad investment, ok. It's forgivable. But if it's taken care of quietly "in-house" then 5 years later, when he does another "bad investment" and then another 5 years.
Eventually it's a scam, not bad investments.
The Pesach Program is a good example. Even now, people are saying he's a good person, his poor family, don't publicize his name. If they scrubbed his name, then he's actually able to try this again in a few years.
I've heard it happen with developers that go belly-up. And cry and apologize. And then go belly-up again. And cry again and apologize again. And again.
Become each time he goes bad, he apologizes and people feel bad for him and his poor family and it leaves him able to go after others who didn't hear.
| |
|
| Back to top |
0
9
|
|
amother
Vanilla
|
Mon, Apr 17 2023, 2:33 pm
| watergirl wrote: | I have a few ex-family members who were involved in insider trading. They are very charismatic and both of them can sell a jar of sand to a person living in the desert who really just needed water. They managed to convince their immediate family and many frum institutions to invest in a few stocks based on their insider intel (whatever it's called). Everyone lost everything. My father was part of this, but he didn't trust the people so he only invested as much as he was willing to lose (my father is very informed about the stock market and has his entire life savings invested, which is terrifying but he seems to be conservative - his call to make). People lost EVERYTHING when the stock failed to do what was promised. Shocker. People came knocking and calling. I was very close to this, it was very uncomfortable to say the least.
The thing is, my father was the only one who knew the basic rule of investment - only invest what you are willing to lose.
Anyone who is investing because they want to get rich quickly is more likely to lose than to win.
I won't go into detail on what happened to the ex-family members who were doing the insider trading but if you REALLY want to know, you can pm me. BH not jail, although one of them should be sitting there now. |
Please everyone - listen to this rule and tell everyone you know who might be thinking of investing in things they don't really understand:
Invest in whatever you want to
BUT
only invest what you are willing (and can afford) to lose!!!
That's rule number one of investing! And never put all your eggs in the same basket!!
| |
|
| Back to top |
0
7
|
|
amother
Yarrow
|
Mon, Apr 17 2023, 6:48 pm
| amother NeonPurple wrote: | I think the "screaming LH" and the "don't publicize, it's embarrassing for the family" makes it easier for people to create scams in the frum community if they just bide their time.
Someone who makes a bad investment, ok. It's forgivable. But if it's taken care of quietly "in-house" then 5 years later, when he does another "bad investment" and then another 5 years.
Eventually it's a scam, not bad investments.
The Pesach Program is a good example. Even now, people are saying he's a good person, his poor family, don't publicize his name. If they scrubbed his name, then he's actually able to try this again in a few years.
I've heard it happen with developers that go belly-up. And cry and apologize. And then go belly-up again. And cry again and apologize again. And again.
Become each time he goes bad, he apologizes and people feel bad for him and his poor family and it leaves him able to go after others who didn't hear. |
Omg 
You make no sense.
Has none of your family members ever made a mistake? Would you want your name dragged to shreds on every news site and forum? Think with your heart.
Everyone that invests in anything knows they're taking some risk. Lets not make them sound innocent.
| |
|
| Back to top |
0
3
|
|
amother
Mimosa
|
Mon, Apr 17 2023, 8:00 pm
Why is this coming up now? It happened a couple of weeks ago.
Old news! Move along
| |
|
| Back to top |
0
1
|
|
amother
Latte
|
Mon, Apr 17 2023, 9:40 pm
| amother Mimosa wrote: | Why is this coming up now? It happened a couple of weeks ago.
Old news! Move along |
I don't know anything about the scheme being discussed, and I have no interest in gossiping about anyone.
I do think it's important for people to understand that affinity scams are real. It's human nature to trust someone from your own community. That doesn't make the person more trustworthy. And unscrupulous types rely on group feeling to gain the trust - and money - of their investors.
Very few people get rich quickly. There are no magic investments. If you want guaranteed returns, you can buy bonds. The returns are low for a reason.
Affinity scams don't exist exclusively among Chassidim. There some social factors (including shutting down lashon hara) that allow these scams to flourish in the community, though. Why shouldn't people be warned?
| |
|
| Back to top |
0
6
|
|
amother
Begonia
|
Mon, Apr 17 2023, 9:46 pm
All of you who say you lost money in Bitcoin- it’s really not lost. This is only the beginning of crypto currency and it totally may skyrocket still one day.
We’re keeping ours in for now. We aren’t considering it a loss. It’s kind of in limbo.
| |
|
| Back to top |
0
0
|
doodlesmom
|
Mon, Apr 17 2023, 10:13 pm
| amother Begonia wrote: | All of you who say you lost money in Bitcoin- it’s really not lost. This is only the beginning of crypto currency and it totally may skyrocket still one day.
We’re keeping ours in for now. We aren’t considering it a loss. It’s kind of in limbo. |
If they cashed their stock out or sold, it’s over.
| |
|
| Back to top |
0
2
|
|
amother
Begonia
|
Mon, Apr 17 2023, 10:21 pm
| doodlesmom wrote: | | If they cashed their stock out or sold, it’s over. |
Yes true.
| |
|
| Back to top |
0
0
|
|
amother
Offwhite
|
Tue, Apr 18 2023, 5:09 am
|
For most ppl the biggest financial scam is a masters degree in a soft science like sociology or similar
| |
|
| Back to top |
0
5
|
|
amother
Anemone
|
Tue, Apr 18 2023, 5:14 am
|
I lost 7k when I sold my s and p 500 stocks to buy a home. I don't consider it a loss since I now have property which is going up in value bh
| |
|
| Back to top |
0
1
|
Amarante
|
Tue, Apr 18 2023, 6:55 am
| watergirl wrote: | I have a few ex-family members who were involved in insider trading. They are very charismatic and both of them can sell a jar of sand to a person living in the desert who really just needed water. They managed to convince their immediate family and many frum institutions to invest in a few stocks based on their insider intel (whatever it's called). Everyone lost everything. My father was part of this, but he didn't trust the people so he only invested as much as he was willing to lose (my father is very informed about the stock market and has his entire life savings invested, which is terrifying but he seems to be conservative - his call to make). People lost EVERYTHING when the stock failed to do what was promised. Shocker. People came knocking and calling. I was very close to this, it was very uncomfortable to say the least.
The thing is, my father was the only one who knew the basic rule of investment - only invest what you are willing to lose.
Anyone who is investing because they want to get rich quickly is more likely to lose than to win.
I won't go into detail on what happened to the ex-family members who were doing the insider trading but if you REALLY want to know, you can pm me. BH not jail, although one of them should be sitting there now. |
FWIW, what you are describing is not insider trading necessarily. Insider trading is when someone as special knowledge of factors in a publicly held company which will drastically impact the price of the stock - either up or down. They then either buy or sell or short the stock. The SEC has algorithms which detect unusual or suspicious buying patterns when a stock goes up or down because of a significant event.
What you are describing seems more like unsophisticated investors being persuaded to buy a stock (or make other investment decisions) based on a sell when often the investment has no intrinsic value. Generally the people investing do not have the ability and/or the desire to properly investigate the investment to determine whether it is worth investing in. These stocks are often sold in what are called "boiler room" brokerages - the sole purpose is to make the sales - often there is a pump and dump scheme involved as well. Jordan Belfort - the infamous "wolf of Wall Street" is probably the most well known. But still - there is a sucker born every minute.
| |
|
| Back to top |
0
0
|
watergirl
|
Tue, Apr 18 2023, 7:07 am
| Amarante wrote: | FWIW, what you are describing is not insider trading necessarily. Insider trading is when someone as special knowledge of factors in a publicly held company which will drastically impact the price of the stock - either up or down. They then either buy or sell or short the stock. The SEC has algorithms which detect unusual or suspicious buying patterns when a stock goes up or down because of a significant event.
What you are describing seems more like unsophisticated investors being persuaded to buy a stock (or make other investment decisions) based on a sell when often the investment has no intrinsic value. Generally the people investing do not have the ability and/or the desire to properly investigate the investment to determine whether it is worth investing in. These stocks are often sold in what are called "boiler room" brokerages - the sole purpose is to make the sales - often there is a pump and dump scheme involved as well. Jordan Belfort - the infamous "wolf of Wall Street" is probably the most well known. But still - there is a sucker born every minute. |
It was literal insider trading and unsophisticated investors. I left details out to stay a bit vague because many people/frum orgs were hurt by this and I wanted to be vague, not knowing who is on this site who would recognize the situation.
| |
|
| Back to top |
0
1
|
|
Imamother may earn commission when you use our links to make a purchase.
© 2024 Imamother.com - All rights reserved
|  |
 |
|
 |
|
|
