Diversified Global Finance - Madoff III?!
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[quote=iceco1d]By the way, since we already had a “Madoff II” perhaps we should rename this thread “Madoff III” just for good measure?
Golfnut...Let me just make sure I have my facts straight here... -Your Father-In-Law ("FIL") would have no problem with you giving out his contact info to a group of strangers on the internet, so we could "review what he has?" -Your FIL invested money with an unregulated institution, with nothing more than a private mailbox in Michigan, and a website hosted in Panama? -Your FIL believes that he is really able to get 12% on his money in a glorified CD in this environment? -You really believe your statement that "the rich get richer" and that "the rich" have access to "special investments" like this? Even though Warrent Buffett himself (the richest man in the world, in case you can't follow this industry jargon) has lost over $10 billion in the past 18 months? -Your father is utilitzing a 12% withdrawal rate from his account...and you see no problem with that? You are either a) from "Diversified Global Finance" and trying to buy yourself some time, or b) you, and your FIL, are completely and utter morons, or possibly c) both. [/quote] Owned. And just for good measure, I can't understand why people refuse to see a bad thing when they see it. There are so many red flags in this that there might as well be a good ol' hammer & sickle in the upper left hand corner. Virtually every asset class category is down (unless you count ponzi schemes as an asset class, then there is one stellar performer), and people think they can get 12% on a regular basis. Unreal... And you aren't "causing any trouble", what causes us trouble is unlicensed, unregulated individuals propogating investment information to the general public. So yes, either you are a minion for some garbage 'investment' product, or you are someone who thinks that despite the evidence, the next big fraud "can't happen to them". Either way, we don't need your help.[quote=iceco1d]By the way, since we already had a “Madoff II” perhaps we should rename this thread “Madoff III” just for good measure?
Golfnut...Let me just make sure I have my facts straight here... -Your Father-In-Law ("FIL") would have no problem with you giving out his contact info to a group of strangers on the internet, so we could "review what he has?" -Your FIL invested money with an unregulated institution, with nothing more than a private mailbox in Michigan, and a website hosted in Panama? -Your FIL believes that he is really able to get 12% on his money in a glorified CD in this environment? -You really believe your statement that "the rich get richer" and that "the rich" have access to "special investments" like this? Even though Warrent Buffett himself (the richest man in the world, in case you can't follow this industry jargon) has lost over $10 billion in the past 18 months? -Your father is utilitzing a 12% withdrawal rate from his account...and you see no problem with that? You are either a) from "Diversified Global Finance" and trying to buy yourself some time, or b) you, and your FIL, are completely and utter morons, or possibly c) both. [/quote] Took care of that Ice. Golfnut, do us a favor and when (not if) this "investment" goes bad for your father-in-law, please come back and tell us all about it. These kinds of scams have been around since the beginning of time and the only thing that continues to amaze me is how many folks actually still fall for them, given all the similarly sad stories out there. I'm guessing the folks your F-I-L is investing with won't last nearly as long as Bernard Madoff did, given all the red flags they are throwing off. 2-3 years back, a scam called "YMMSS" went through my area promising ridiculously high returns and virtually instant wealth. I told anyone that asked that I thought it was a Ponzi scheme and I talked a client out of investing $100,000 with those folks. Today, YMMSS is out of business leaving a trail of angry investors victims, and that client is more loyal than he ever was, even considering losses incurred over the past 18 months. If you don't believe the YMMSS story, Google is your friend. I'll stake my professional reputation on the premise that this "investment" is as legitimate as YMMSS. When that day comes, you owe it to the investing public to come back and tell your F-I-L's sad story as a warning.I say give golfnut772 a break, he doesn't know what he doesn't know. Instead of railing on the guy we should have been trying to show him the light of the darkness he is in. He shouldn't have come on here saying that rich people invest into things normal people don't. Private placement could me in a penthouse in midtown or a condo in Aspen or $60mm placed privately into his wifes accounts. If he isn't part of the problem, he has a big problem. He should have come on asking "is this for real, that Madoff thing got me a little scared", he didn't but hopefully he learned somthing. Golfnut if you are listening it's time to do a little more due diligence. If I were you I'd be scared sh*tless right now. Best of luck to you!
[quote=golfnut7772]I’m not on here as a “financial advisor”. Just wanted to give some fact from our consumer point of view. Hope that helps. Again,… not trying to be rude. Just telling our story.
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This forum is for financial advisors, registered reps and insurance agents who are licensed to deal with the public on these matters.
This forum is NOT for the public (aka. the clueless).
Why licensing? So you can be held LIABLE in arbitration for your recommendations.
Your story is the sad story before it becomes sad. The fact that you believe his propaganda, statements, etc., shows that you don’t know “sh*t from shinola”. (Google THAT and learn something!)
I noticed today that the website I posted now indicates that it is “under construction” and says “We are upgrading our website to serve you better.” Perhaps they should replace “serve” with “screw”. It also now has a member login that prevents me from browsing through the website.
It looks like someone is getting a bit touchy about people poking around in their business.Whoops, google cache: http://209.85.173.132/search?q=cache:VmaTe-zjW_sJ:diversifiedglobalfinance.com.pa/tda.php+http://www.diversifiedglobalfinance.com.pa/&cd=5&hl=en&ct=clnk&gl=us&client=firefox-a
Also, I saved a copy of the webpage in case anyone needs it for evidence.
The sad reality is that con artists know all to well the power of greed. There is a reason why we still get emails asking for help in recovering untold millions in Nigeria, or the latest pink sheet stock which will revolutionize the entire world. The fact is that people still fall for these scams, no matter how many times they have been warned. Reasonable people, who normally make rational decisions are reduced to fools by chasing a dream. The thieves just get more clever each time, either their pitch, their target, or how they cover their tracks. But in the end, the result is the same, all the money is lost. And even more sad is that many of these investors will cry for justice and/or sympathy when they realize their retirement fund has disappeared.
As for the people who have posted here defending the company, it is not surprising. Do a search for Diversified Global Finance, and you will find this forum. I would bet that it is company insiders trying to use every opportunity to defend and promote their brand. It is the same practice used by stock promoters on investment forums when they are pushing a penny stock pump and dump.
So what is the latest on these crooks?
I see there web site has been under construction for over a month, how long does it take to upgrade a web site?I’ve heard nothing else recently. My assumption is that my former client is in denial about her $$$ being gone and would much rather believe those pathetic “statements” she is receiving. IMO, it’s just a matter of “when” DGF collapses.
Watched a thing last night about Madoff. You could not believe the statements they generated! I would have believed them also. You would have to be paying very close attention as an investor to detect anything was wrong.
The real problem comes when scams like this come to light, and it makes it much more difficult for legitimate advisors to prospect. I have found people much less willing to have a conversation through cold calling, which is how I have built my business so far. I had a client call me yesterday to buy a stock based on a fax sent to his work. He was convinced this was set to go through the roof. A legitimate advisor can't get people to talk, but they will act in an instant on an obvious scam.
it’s been months since the latest activity on this board, but I thought you might want to know, the latest chatter is this group has been caught by appropriate authorities it’s up to the government from here on out, but the masterminds behind this devious scheme are either caught, or hiding in friends/family’s homes running wall to wall like drowning rats.
i don’t normally take pleasure in the problems of other people, but once i learned how this operation worked, I’m glad to see it fall apart! I thought you all would like to know! good luck to any people affected by these sociopaths.
[quote=webguy411] it’s been months since the latest activity on this board, but I thought you might want to know, the latest chatter is this group has been caught by appropriate authorities it’s up to the government from here on out, but the masterminds behind this devious scheme are either caught, or hiding in friends/family’s homes running wall to wall like drowning rats.
i don’t normally take pleasure in the problems of other people, but once i learned how this operation worked, I’m glad to see it fall apart! I thought you all would like to know! good luck to any people affected by these sociopaths.[/quote]
Awesome. Good to hear.
Man, that is welcome news…and at the same time, sad news. I haven’t heard anything from my former client. I’m guessing she is simply too embarrassed to come tell me she was swindled.
If you could call me…my info for you is too long, and I type slow. Any how, in Summ. I am a RR in Kalamzoo with a worse connection. My in-laws. They are involved with ABC and a Nancy Reid, despite my best efforts and I suspect with IOC, et al. They were on the edge of putting $$ with a Diversified Lending Group through them. Do a Google for that, a Bruce Friedman and ABC and find one that has been caught. Mar 4 2009 was first release of info.
I found out recently that they were withdrawn from DLG and are in a thing called Diversified Liquid Assets. When I pressed ABC they gave me a phone # that took me to an "International Opportunities Consultants" recording and a biz address when searched for in Grandville and David McQueen as president" They have seen no interruption in mortgage payments to a refinance they were persuaded to do in conjunction with this. My wife tells me they are meeting with Nancy soon. They may have $$ to give her as Grandma's house sold last summer. I see all the blogging about this was in Feb. any newer discussion????. Greg Hokenson 808-250-9584Note a reply I did today. I just more conclusively linked David McQueen name to a scam my in-laws may be in…call me if you care to.
I am not an investment professional but a sucker with my tail between my legs now. Diversified Global Investments out of New Zealand is a ripoff. Dave McQueen is a phony. I have some money invested with them since April 2008 and was receiving payments until Sep 09. Now no answer at their office in Grand Rapids, MI. A little voice inside me said this was too good to be true and I should have listened to that “gut” feeling. I am in Ft Wayne, IN, was sold on this investment through a “professional” in the ft wayne area and would love to hear from anyone else in the area who has been ripped off by this company. Please email me at [email protected] with diversified global in your subject line. I will post more as I get info from people that email me. I am just happy that I only had a portion of my $$$'s invested with this company and am not out my entire retirement like some others are.
Feeling Stupid, Thanks!!