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WARNING! Not a virus, but a Money Sting. 2/10/99 Please pass this on, as we are all unaware of who can be taken for a ride until it happens to us. Today it has been reported that throughout Australia and many parts of the United States "Confidence" thieves have been stealing people’s savings. They have targeted small business people and offered them huge returns for their money, in some cases up to thirty per cent per month but as a rule the figure is between five and fifteen percent per month! Of course the profits never materialise nor does the principle. They pose as investment educators showing overseas companies who have amazing high profit returns. Investors should remember "If it's to good to be true, then it nearly always is". The overseas companies have names which suggest that they are financial Institutions and are registered in countries where their business information is not disclosed to the host government, so the paper work looks magnificent. Of course the client is always advised to keep everything secret, as the Australian Taxation Office is ready to pounce. Investors cannot even discuss the fortunes they have made on the telephone or on the fax in case "Big Brother" is watching. Potential Investors are taken for a few days to a foreign country where they can be educated in private, away for the ever-watching taxman and outside Federal jurisdiction - total cost born by the client and in many cases this education can run over ten thousand dollars. The course is very intense, with little or no time for sleep - it is true "Information Overload". The client is shown how to set up overseas bank accounts, overseas companies and how to evasively withdraw their hard-earned savings. All this, with the help of "Specialist Consultants" who charge premium rates for their services (they also give the lessons and have a vested interest in glossing up their own services). The story on how these companies make their fantastic gains is always a little different but they always mentions Currency manipulation. The client is encouraged to invest his or her saving's overseas into what most of them believe is a foreign bank (outside of the Taxation departments jurisdiction and completely tax-free). This is where the "round robin" con trick is performed. When a client wants to withdraw some small profits onshore due to an emergency (an emergency that makes the taxman seem like a welcome option), the small pay outs are easily covered by the new incoming money from other clients. Its only when either everyone wants their money all together or the "birds decide to fly the coup" that the client finds that all his foreign bank statements showing huge profits are meaningless fabrications that never really existed. Of course the humbled and embarrassed clients is to scared, in most cases, to report the scam in fear that their own taxation scams are exposed. This makes it a true sting. If they approach the Investment educational organisation they are told, "We only introduced you to world renowned experts, you took their advice, Not Ours! If they approach the "World Renowned Experts" they are told, "We only reported the information they released and you were aware of your options - You instructed us". It is very difficult for the Federal Police to take action as the investors have partaken in the scheme of their own free will and the fraud part of the scam is done in a foreign country out of the jurisdiction of the Australian federal Police. This loss of house, business and life savings has resulted in suicides as they are not discussing their losses with families and friends.They have no one to turn to. Please warn your friends. Give a sympathetic ear and all the assitance you can give, if you know one of the investors. Ron Owen 2 10 99 |
