Here is a good old fashioned southern story of a crooked scumbag running off with hundreds of millions of dollars. He has been accepting money, living a lavish lifestyle and when anyone asks, he told them they were getting 30% annual returns. However, no one was able to get him to pay money out and when pressed he now claims to have amnesia and is currently hospitalized. Yowza, it’s got all the crazy you can take. I imagine this story is not too funny if that’s your life savings, but as an uninterested observer its kind of amusing.
They never suspected the folksy man in colorful suits would cheat them
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Sadly, this kind of thing happens every day and almost always in the same way. The promise of high returns with ‘safe’ investing, full disclosure, etc. People need to learn that there is no such thing. You’re not going to get a riskless 30% return on anything but they keep trying.
It’s evil and horrible and it not only hurts the investors who lose everything, but the ‘good guys’ in the financial services industry who work hard for their clients without lying, cheating or stealing from them. I know, because I married one.