Why are people so greedy?
Posted: Wed Dec 30, 2020 1:14 pm
I'm watching the news with the sound down while catching up on some email when I think I recognize someone from NYC. I turn up the sound and it is my friend. A retired NYPD Captain and he is talking about the victims of a Ponzi scheme. It takes me a moment to realize he is one of the victims. I do some internet searches and find out a sleazebag conned hundreds of retired or soon to be retired NYC First Responders out of about a hundred million dollars. He had teamed up with a retired NYPD Union rep and offered 30-70% annual returns, with the former union rep vouching for the deal in return for $10,000 per fish he brought into the scheme.
Supposedly, the scumbag was buying jewelry at going out of business sales and flipping it to small jewelers for 100-200% profits. Instead the first money went to buy a great lifestyle and the rest went to giving the " investors" a return on their investments. They targeted cops and firefighters because they retire with great benefits and are generally unsophisticated when it comes to finances.
Does one really need to be sophisticated to understand no one is going to give you returns of 30-70%?
Supposedly, the scumbag was buying jewelry at going out of business sales and flipping it to small jewelers for 100-200% profits. Instead the first money went to buy a great lifestyle and the rest went to giving the " investors" a return on their investments. They targeted cops and firefighters because they retire with great benefits and are generally unsophisticated when it comes to finances.
Does one really need to be sophisticated to understand no one is going to give you returns of 30-70%?