Recent events have made it important to notify the community at large to be extra vigilant about and with whom they make investments with. Without getting into the details, there have been multiple incidents in recent months in which local investors have lost millions of dollars to shady people promising extraordinary returns.
Many people have seen one such story going around WhatsApp. It’s not the only story; it’s just the only one that has been going around.
The gory details of each incident are irrelevant. What is relevant, however, is that everyone must be hesitant when forking over money to somebody else. If someone is accepting any amount of money you have to offer while promising otherworldly returns, it’s almost certainly a scam, or at least a really bad investment.
Often, the person offering the investment is a nice person and can really mean well. But when those expected returns don’t turn out the way he or she expected, they start borrowing more money to cover them. At that point, it turns into a Ponzi scheme which only grows and grows and grows, until countless people are hurt and millions upon millions of dollars are lost.
Do yourself a favor: if someone is offering sky-high returns on an investment, turn it down. The odds that you will lose your money are a lot higher than the chances of you striking it rich. Have money to invest? Great. Do it wisely.
NOTE: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Lakewood Alerts.
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not bad. three in the past two weeks.
3?
I only know of 2, I must be behind.
Why will no one speak or write of the gory details. Don’t I deserve to know what to watch for.
Meanwhile in the box seats at adirei…. there were suckers forking over cash to other suckers flying there is choppers with other suckers cash
why are we holding back from naming these reshoyim? why is this not a chiyuv? anyone know the halacha?
I’m no posek, but taking into consideration their often innocent families, it can lead to extremely damaging and unnecessary pain to those who are associated with them.
(but not at fault)
Huh? What if he was violent criminal? Would you be saying to keep names out of it? What if it was a restaurant owner serving non-glatt? Would you be worrying about innocent relatives?
Absolutely. Those responsible should be held accountable in the court of law. They should be penalized in the appropriate manor and be prevented from being able to do such a thing again.
That doesn’t mean their innocent relatives need to suffer extra “bushos” because you want the name to be publicized.
Your curiosity doesn’t have to kill innocent yiddin!
first youd have to differentiate between people who set up to scam, and those that went down a rabbit hole of hopes.
The first is a crook, the second is no worse than the fellow who put the money in, they both had high hopes.
Second, the treatment of those who have been negligent with others money is waaay bout of proportion to the intent of their crime, and THAT is unacceptable.
Thats why people dont talk about them.
apparently though, you are botrh jusge and jury (and seemingly one of, ore freinds of one of, the bad investors).
That’s the problem!!,
we became sick liberals having compassion on people that are stealing peoples life’s savings….. imagine the first 27 year old that LOST millions actually got arrested…. So many would be scared off…. Instead we have askanim RAISING MILIIONS TO SAVE THIS THIEF….all in the name of the innocent family…what about alll the innocent families who are loosing millions…amazing how we are so Republican and anti Alvin brags style policy till members of our communities are criminals…suddenly we become ultra liberal
ITS SICK
So go to court and no body will get anything. At least we have a community that cares about the victims. They are not bailing out the thief so he can restart, their savings victims lives. Keep in mind that the Torah gives an opportunity to some fix Avruos. One of the prime examples is stealing which would be to return the stolen money. This not a case where someone did something that is irreversible.
Exactly. The halacha states that we don’t embarrass thieves
Not sure of your sources but the torah clearly says otherwise
ever heard of a eved ivrey
that is very embarrassing
halacha says we do not steal
amazing how a community of torah observant jews can be so pro criminals
This is no joking matter. My neighbor lost a ton of money by this latest scammer.
your neighbor is an idiot. no rachmanus whatsoever from me. prob a gambler or just wants to keep up woith the shaddy lane out of control gashmiyus.
Shady Lane? interesting. Oilam taynas there is a big one about to hit there too.
pass the popcorn
While this is very sad, I kind of do not feel bad for anyone who lost money in any of these scams. Anyone offering you a 40% return on your money is a scammer. When will idiots wake up?
So some say that people know it’s a risk and hope they will get in and out quickly.
You have a better chance in Atlantic City.
This is very sad, and there are 2 major things that are at fault (besides the fraudsters themselves):
1. There is too much Trust and waaaay too little Research, when it comes to investments within our community.
2. The Egos, Ostentatious lifestyles, and Peer Pressure have led people who had investment failures and/or made mistakes to desperately try to cover up instead of coming clean, leading to this kind of disaster. (This also led to people investing irresponsibly.)
If you’re going to invest with others:
1. Get a good mentor.
2. Do NOT invest more than you can really afford to lose completely.
3. Do NOT borrow money to invest!! Not against your house, car, credit cards or any other way. If you don’t have the cash, you can’t invest.
4. Understand what you’re investing in. Understand how there will be enough profits to make the promised returns. Understand the risks of failure.
5. Research – Get proof of concept, get proof of customers (call them), get references (and call them), read through and look for discrepancies. One of these most recent scandals was supposedly sharing fake documents with similar business names to well known honest ones.
6. Trust your gut – If anything seems off, just step away. There is no such thing as a “Once in a lifetime” investment opportunity. There are successes all the time. You’ll find something good without taking as much risk. If it sounds too good, it may very well be fake (even if someone else got a good return already).
אל תדין את חבירו עד שתגיע במקומו
You mean you sticking up for this gangster?
good sources… this guy owes the mob more than $10 million. Not worry folks, they will settle the score. (Never see a penny again)
The guys owes ppl from tallymawr, not Italians.
Only lakewood
Whats the name? lets go
Lots of goodies still to come. Been hearing a few more names about to burst. Guess those private jets were all a big fat fake.
na na nanach nachman meuman!!!!!
Hoping Mosdos don’t get killed on this.
Well, one Kollel did already!
What Kolel?
Let’s be honest. Your not an investor, and don’t have the money to invest. You want the name because it’s juicy.
One guy came over to me and said that he would match whatever I give and put that money in our ruvs account. And the ruv was ready to go along with it cuz he was promised money as well.
I sent the guy flying but truth is I’m wondering how many other ppl fell for this.
Ponzi schemes involve deliberate deception, while failed investments are a result of risky decisions. It’s crucial to differentiate between the two. In cases like Bernie Madoff’s, where deception is involved, investors can be sympathized with for being fooled. However, if investments fail due to risky choices, it becomes the investor’s responsibility to protect themselves. It’s important not to confuse the two, as they are distinct and have significant differences.
In addition to distinguishing between Ponzi schemes and failed investments, it’s important to consider the concept of a “bad boy carveout clause” in investment agreements. This clause aims to protect investors from fraudulent or unethical behavior by the investment manager or company. If a manager engages in such misconduct, the bad boy carveout clause allows investors to seek recourse or recover their losses. It serves as a safeguard against situations where investors suffer due to the wrongful actions of the investment party.
At least one of these guys created deceptive papers to make it appear like they did business with people they didn’t do just with.
That was intentionally misleading investors.
If someone chooses to hand over money for such a high return he is greedy.
All people that comment here have no life. They all think they can solve the worlds problems. Classic Lakewood people.
And you won’t post my comment bc you have full control over this, and there is no freedom of speech. LOVE IT
I have a life however you sad that you dont Ryan
The same people who wouldn’t vaccinate, despite numerous health practicioners vouching for it, because “how can you trust it”, are suddenly ready to gamble away their life savings because someone, who can’t spell finance let alone understand how it works, assured them it’s a good deal. Go figure.