Diversified Global Finance - Madoff III?!
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Yeah…if New Zealand has the same inflation as Iceland, it’s certainly possible that they would pay 12-18% on “CDs”, but if their currency is worthless, it might as well be fraud! With all the warning signs, I don’t think any of this is for real, but I promise to let you know one way or the other if she shares with me…
So, let me get this straight…this person got 36% last year…and is getting 12% now…with these market conditions…and…there is a problem? I would suggest they type their communications…but this seems really good to me! Wish I had gotten 36% last year - that is for sure.
Well you've got their address, go ahead and send them a check. Better still, go get a mortgage on your house too![/quote] Apparently there's a larger group of prospects for this firm than I suspected.[quote=John Simmons]So, let me get this straight…this person got 36% last year…and is getting 12% now…with these market conditions…and…there is a problem? I would suggest they type their communications…but this seems really good to me! Wish I had gotten 36% last year - that is for sure.
if i was in your shoes, i would feel bad at first. afterwards, i would have no remorse. remember, she pulled the account from you without the courtesy as to an explanation. now she desperately needs your help. she would have never contacted you again if things went great. from the info that you mentioned, it defiantely stands out as bogus.
i would also watch your back with her. she may somehow tell the authorities that she brought this to your attention.... and that you did nothing... just be careful and walk away from her.UPDATE*
Guys/Gals, My office is about two blocks from the Pak Mail Store (like a UPS store) that this outfit is using. I used to live in Grandville! So on Monday I get an email from some chick named Nancy using an sbcglobal email address that says: "message from [client name]" Then goes on... [client name] would like to sell invesetments in accounts: xxx xxx xxx Please close accounts and send a check to address of record. Sincerely, [client name] At first I didn't really give two sh*ts, but thought I'd call anyway and see why they didn't just do an ACAT. When I talk to the client he tells me ol' Nancy is making her clients over 12%/year guaranteed. I presume some annuity scam, but nope, client confirms it's not an annuity. In fact, he didn't really know what it was, was given no prospectus, no printed material, and was going to liquidate his accounts (all IRA) and have us send a check because that's what Nancy told him to do so she could get him in on this guaranteed product. He decides even though he didn't know what he was buying that he still wanted to move the money so he called up his girl Nancy and did transfer paperwork. All he remembers is Diversified Global something or another from New Zeeland. So on to google I go.... Then I almost sh*t my pants. I find all the same stuff you guys have here, the IOC, David McQueen, Called the number but no one but admin were available. I think it's a virual answering service where they only want to take messages. Alas, I sure as hell wasn't leaving my name. So I look up the various people via FINRA, State Insurance Database, etc. Find out Nancy just got here insurance license on Jan. 15. I call client back to report and he, I think quite literally sh*t his pants. He starts to panic as he just signed all sorts of paperwork to move $350,000 to this ponzi scheme. We call our custodian to cancel the transfer requests. Call the SEC to check on the validity of these organizations - none of them check out. If the product was legitimate it would still have to be registered and the people selling them would have to have a securities license. None of these organizations or people meet either criteria. SEC is looking into the scam as we speak. Crazy SH*T right in my own backyard. To answer someone's question about google: you find nothing because all of these companies have .com.pa websites. These means (for you web neophytes) that all of these companies are really from Panama, Central America - at least from a soliciting standpoint. So they can write whatever they want on their websites and the US regulators have ZERO resonsibility to crackdown. As for Mr. McQueen - he sure as hell doesn't have an office or live in Grandville as far as I can tell. There are no David McQueens in any areas around Grand Rapids or Grandville per whitepages.com. Lastly, the company soliciting this sh*t is also from Michigan - Kalamazoo/Portage to be exact. If anyone wants to make some prank calls for sh*ts and giggles they call themselves "American Benefit Concepts" - www.americanbenefitconcepts.com. That is "con"cepts I'm sure. Another company involved in the scam is www.smartretirementconcepts.com - also using the Pak Mail address. Damn I hate crooks.My bad, the Smart Retirement Concepts address is listed as Wachovia Securities. Interesting?
Wow...this is getting ugly fast. Thanks for all the local intelligence. Sadly, it looks like my (former) client's family is potentially out over a cool million. I hope they get these guys shut down before all the money is spent.My bad, the Smart Retirement Concepts address is listed as Wachovia Securities. Interesting?
Is this what Markopolos was talking about when he mentioned unveiling numerous ponzi schemes? Wasn’t that today?
Scam huh? How little you know. Private equity happens to be what those with the money are smart enough to be looking for. The real issue here is all the “planners” who think they know everything are crying and getting desperate. The truth hurts.
You should do your homework before jumping to such brash and uninformed opinions.[quote=ibbledo]Scam huh? How little you know. Private equity happens to be what those with the money are smart enough to be looking for. The real issue here is all the “planners” who think they know everything are crying and getting desperate. The truth hurts.
You should do your homework before jumping to such brash and uninformed opinions.[/quote] Hey Madoff, I thought you weren't allowed to use the computer. You're a moron.I wonder if your previous clients have any idea the way you could care less about them. I think you better take a look in the mirror and get a different career!
First of all, you need to have a certain level of net worth to make private equity a viable investment solution.
That’s not to say that there are not good private equity deals out there. The second issue is that “planners” have built a certain level of trust with their clients, while people like this are destroying that trust.
Planners are desperate? You bet, but only because crooks keep giving all financial professionals a bad name.
ibbledo - I hope for your sake you don’t think that private equity is the be-all end all for all your clients. I’d hate to see you on the news trying to ditch your plane or walking around with a house arrest anklet.
“This just in, financial wizard “iblledo” just dropped the soap in the shower and was attacked in the shower. In response to the crime, Bernie Madoff said, “That’s how it goes in here, we can’t stop screwing people””.
Ever notice how it's always the people that are pimping some bogus product that get all sensitive when people call them out on their garbage? My personal favorite is when they create like six accounts and chime in with different names to make them sound legitimate.
Can't wait for the feds to kick down their door and cram their face into the dirt floor in the basement of some slum that they work out of while they throw the shackleson you. Enjoy the time smartgal/ibbledo/good ol' Nancy. I hear they love you soft, white collar criminal types inside...[quote=SometimesNowhere]Ever notice how it’s always the people that are pimping some bogus product that get all sensitive when people call them out on their garbage? My personal favorite is when they create like six accounts and chime in with different names to make them sound legitimate.
Can't wait for the feds to kick down their door and cram their face into the dirt floor in the basement of some slum that they work out of while they throw the shackleson you. Enjoy the time smartgal/ibbledo/good ol' Nancy. I hear they love you soft, white collar criminal types inside...[/quote] I've thought the same thing. Hopefully the reason we haven't heard any more from these first-time posters is that they are too busy running from SEC enforcement.Hell, you can’t even guarantee that if you give your bank your money that they’ll return it to you at par.
Here’s Madoff II: http://www.businessinsider.com/whistleblower-alleges-8-billion-fraud-at-sir-allen-stanfords-offshore-bank-2009-2#comments
Obviously, someone knows about “Guaranteed Rates of Return”
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