What is a scam? It is a promise that does not get delivered. The intention isn’t always clear.
We all get scammed on day to day basis.
It is not always as obvious as opening an account with a Binary Forex trader.
Say, if you sign up for overtime at one place, and they grant it to you, then you have to say no to an other offer, but in the end they cancel the shift on you and now you’re left with no offers and no income, were you scammed?
Think deception, misleading to grasp the concept of a scam.
That firm that calls itself Atlantic Housing puts you with a bill upon moving out that is twice larger than the deposit and all entries are made up excuses (such as this and that was broken, when they were not), then what business is this company really in?
The caused damages may be material as well as immaterial, such as emotional. Some scams you may never recover from.
Who is going to give me back the 1.5 years of my life when I could not meet with my own child and wife thanks to the scam that was running under UK Immigration Barristers?
We lost a great deal more than just a fee, several years without income and all the expenses during including being penalized for Visa extension every 3 months. This company did nothing but made sure you would fail the application due to being incomplete. Mind you, this was the number one find on Google under Immigration Lawyers UK at the time.
They even tried to peel off a second layer of skin, to which I responded: “I have nothing left to give”.
So don’t believe anything you find on the internet just because a search engine finds it. I have become a UK citizen since and so did my daughter, but this didn’t repair all of the caused damages.
The above things would probably explain why I am so adamant about fighting scams.
A Ponzi scheme is a scam for obvious reasons.
Here is what I wrote down this morning:
I am convinced that these companies utilize Ponzi scheme as their business model.
If they “financed” 300 people, that’s likely five times as many attempts = 900,000 USD revenue in a year (That does not cover the promised 30M though). You have liabilities of a few workers with Eastern European salaries to do the database handling / web surface.
Remember, one has to submit the invoice for a x 0.7 amount that you get to work on figuring out. Such scrutiny is rather cheap.
Of course there are no risks for the company until the new entry interest drops down and the “funded” accounts start claiming more money that is flowing in.
It is easy to absorb the losses on a demo account.
The idea owner may even feel like he’s doing good by eliminating all risks for others. Almost all risks.
The company was funded in 2014, when it was local.
Now it is listed in the US with unknown number of workers and comments about not even responding to emails.
I personally don’t think that there are more than 3 or 4 people running this, the rest was a matter of T-shirts and posing for pictures.
Take for instance the Institute of Trading. Perfect name for a scammer.
They sell mentoring programs for 60k or 15k depending on if you want a 10-day holiday up front.
Those ex Execution traders running the scheme capitalize on the credits they earned by having worked for the famous Lehman Brothers.
Then you have to open an account with Valbury, for a minimum of 15k. Then they let you keep 35% of your own profits – and people are lining up for this suicid slavery in hopes of inside information that these kooks may be in possession of when they are citing “80% fundamental” analysis.