Friday 29 July 2016

The Voice - Consumer's Voice

Can it be trusted?

I saw an advert on Facebook from Cashsociety that said “a poverty braking system has finally been launch now it close to your country log in a experience the change and see how other peoples lives have change in a short space of time. This is just a community of people who are in a mission of burying poverty and liberating themselves financially.” It said you pledge R500 or $10. Can this really be a way to make money?

I checked the web site of this scheme and it’s remarkable how little they say about how this scheme works. Their web site and Facebook group say that they are “empowering economic freedom and suggest that you can “Benefit from the power of giving” but that’s all they say.

But I know what this is. This is a clone of MMM Global, a Get Rich Quick scheme that claims you can take money from the scheme so long as you donate to it first. What these schemes fail to explain is that people can only take more money from the scheme than they give if the amount of money going in is always increasing. That requires an increasing number of new members, or old members repeatedly contributing more and more money.

There’s a name for this sort of scheme. They’re called Ponzi schemes. Eurextrade was a Ponzi scheme, just like MMM Global is a Ponzi scheme. The simple truth is that most Ponzi schemes never even start properly because they can’t find enough victims gullible enough to fall for their lies. Those that do, like Eurextrade and MMM Global, all eventually fail, leaving people poorer, sometimes ruining people’s lives. The only people that do well are the crooks who start them and the collaborators who help recruit new victims.

As with all Ponzi schemes, the decision whether Cashsociety succeeds or fails rests with us. Are we prepared to let another Ponzi scheme succeed?

Is he a real lender?

I had tried to get a loan to purchase houses in Gantsi after a successful tender that was placed in the local Newspapers by BHC. I couldn't get a loan so I decided to ask a friend who recommended I check LinkedIn for Venture Capital investors and came across Pashley Venture Capital with offices in Florida USA and City of Edinburgh owned by Mr Frank B.Duncan. I sent him an email and he responded positively and explained that he loans people money from a few thousands to up to $800,000 to be paid over a period of 12 years. He sent me a contract for $800,000. He explained I will need to pay $4,380 for the closing agent who is registered in Florida. I sent the money to his agent in Florida City and he duly acknowledged having received the money and that the loan amount will be in my account 24-48 hours. After a day he sends me an email to let me know that transfer has not happened because I have to pay $2,185 to International Monetary Fund Tax Authorization Fee for clearance of loan funds. I asked IMF in Washington DC who said there is nothing like that and I sent him an email telling him that IMF has recommended that law enforcement be called upon him so a friend of mine recommended I pay him the $2,185.00 so that a case can be built around everything he says. I sent him the money again and waited. After a day he sends me an email saying the loan is delayed again because we have to pay $26,720 which is split in half between me and him and he forwarded some email claiming is from Counter Intelligence and Counter terrorism center for Wire Transfer.

Can you help me to solve this problem?

I’m sorry that you came to us too late to save your money. The bad news is that the money you’ve already sent him, a total of $6,565 (almost P70,000) has gone and you’ll never see it again. Scammers don’t offer refunds.

As readers of The Voice will know by now, real lenders don’t lend money to total strangers that they contact online. They certainly don’t lend money to people who they’ve never met face-to-face. It just doesn’t happen.

Also this business about the IMF and the Counter Intelligence and Counter terrorism center is simply unbelievable and is all part of the scam.

This is nothing more than an advance fee scam. There is no lender, no Frank B Duncan, no Pashley Venture Capital and no loan. The only thing that’s true is that they wanted you give you them large amounts of money. Tragically, that’s what you did. I’m sorry for your loss.

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