SCAM Artist (aka CON MAN!)

The world now days is so full of these people who want to make it rich by cheating others. Below is some extraction from TheStar, that I think is important:

● REMEMBER, scam artists prey on your emotions, such as patriotism. Before you help an individual or a charity, take time to find out what you are getting into;

● Always ask questions. Find out what options are available. For example, if a caller informs you that you have won something, ask if they can confirm it in writing and a phone number to call them back;

I was hit once when I was in emotional limbo due to some personal problem and was approached by a "so call friend". Lucky for me the person is not an expert artist so my loss is minor compared to what I learned and experienced from this encounter.

A few weeks ago I was approached by someone offering investment plan for food outlet using prepaid card system, he sits down and explained the whole system to me. The key point is I could get more money by introducing more friend to join. If this was 2 years ago, I might have been hooked as the price is really cheap ranging from lowest 280+ to 1k. They even printed out the menu and shop lots which is real. But like the old saying goes "once Bitten twice Shy", I take it with a pinch of salt. I junked the pamphlet, brochures and name card the moment the introduction is over.

Today I read this in the Star (Sound exactly like what I heard before):
"Many of them operate under the guise of multi-level marketing operations which blur into pyramid schemes, which are illegal.

A market observer pointed out that these establishments would promise returns that even top fund managers found hard to attain in good economic times.

Many of them operate like Ponzi schemes which made no or little actual investments from money collected from the public.

Often in such schemes, the earlier investors would usually get some returns, compared with those who join later.

Surprisingly, many of those who are employed as agents with these businesses do not think such schemes are illegal.

“How can it be a scam when I can make money?” an agent attached to an established restaurant chain said.

The restaurant has half a dozen outlets in the Klang Valley and offers the public membership for a fee which entitles them to make money from eating at the outlets and through referrals.

What makes it interesting is that several of these establishments found taking deposits or cash from the public have been operating for a number of years without ever being questioned by the authorities if their operations are legal.

In the past one-and-a-half years, there has been a significant rise in such operations."