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oztony

Parents lose the lot to binary investment scam

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oztony

72 and 80 years old ...go and plug their last $130,000 into a  binary investment scam , advert that was picked up on facebook , put 10k in get notice that it is now 12.5 k after a week of trading .....bang , in goes the rest.... 120k ...a couple of months later , a few false graphs and reports inbetween ....and the whole lot is gone ....business shuts website (operated out of Cyprus) no one answers the phone or responds to emails .....

Then they (the parents) come along and tell my brother ,  all about their problems after they have lost everything and how they managed to lose it .....not 1 word to myself about it at this stage ...they have sworn him to secrecy ...but he has kept me abreast of the unfolding situation , .....they are more than likely aware that my response is going to be a single word ......dumbass............

How could you honestly be stupid enough to transfer all of your money into someone elses bank account ....and whatever happened to the old addage ...if it's too good to be true.......

Well they wont have any more similar problems ....because now all they have to manage is their weekly pension cheque.................

https://www.tradefinancial.com.au/

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Alfred E. Neuman

 They used to thrive well in Cebu late 90s early 2000. Victims were mostly new rich Chinese.

Edited by Alfred E. Neuman
Wrong location.

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Oz Jon

Sorry to read that OT.

There are some Ba****ds out there who don't care who they hurt.

Don't know why it is, but many older people seem to lose their street smarts and tend to believe anything they are told.

And they are convinced that government employees, bank employees, etc are infallible and looking after customer's interests, when that's far from the truth.

 

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Jawny

There is a YouTube channel (actually many it seems) called Kitboga which can be quite informative about just how far scammers such as these will go.  The fellow is not attempting to "catch" any of the fraudsters, but uses his efforts to trick the scammers into staying on line for long periods of time. He eventually outs himself and these scammers will come unglued and continue to waste their time ranting while we watch. 

His efforts are to keep them online rather than with some person who is being scammed. 

Its not fair to refer to those being scammed as idiots or a dumbass. The scams work and often the victims are educated and younger people.

The Kiboga fellow will disguise his voice while the scammers attempts to get credit card payments, or in lieu of that, gift cards such as with Apple. 

When he confronts the scammer, they often become quite vulgar and abusive and reveal their belief that their victims deserve to have money taken and are too rich. 

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Contango

Sorry to hear that Tony - Its an industry separating people from their money, many ways and means...name your poison and someone is selling it.

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Salty Dog
13 hours ago, oztony said:

72 and 80 years old ...go and plug their last $130,000 into a  binary investment scam , advert that was picked up on facebook , put 10k in get notice that it is now 12.5 k after a week of trading .....bang , in goes the rest.... 120k ...a couple of months later , a few false graphs and reports inbetween ....and the whole lot is gone ....business shuts website (operated out of Cyprus) no one answers the phone or responds to emails .....

Then they (the parents) come along and tell my brother ,  all about their problems after they have lost everything and how they managed to lose it .....not 1 word to myself about it at this stage ...they have sworn him to secrecy ...but he has kept me abreast of the unfolding situation , .....they are more than likely aware that my response is going to be a single word ......dumbass............

How could you honestly be stupid enough to transfer all of your money into someone elses bank account ....and whatever happened to the old addage ...if it's too good to be true.......

Well they wont have any more similar problems ....because now all they have to manage is their weekly pension cheque.................

https://www.tradefinancial.com.au/

Sorry to hear something like this hit so close to home Tony.

At their age if they were also getting a pension, why would they feel they needed more than the $130,000 they already had. Many old people should be so lucky to still have had that much in investments or savings...

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Davaoeno
8 hours ago, Salty Dog said:

why would they feel they needed more

That is a pretty basic human instinct .  To try and better your lot - no matter how well off you are.   These days I do not consider $130,000 much of a real hedge against future problems .  And some people- especially those who have a fair amount of self respect and  independence want to make sure that they never become a burden on others.

It is because so many people feel this way that the predators have a field day with them ! 

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Ozepete
On 30/04/2018 at 3:58 PM, oztony said:

72 and 80 years old ...go and plug their last $130,000 into a  binary investment scam , advert that was picked up on facebook , put 10k in get notice that it is now 12.5 k after a week of trading .....bang , in goes the rest.... 120k ...a couple of months later , a few false graphs and reports inbetween ....and the whole lot is gone ....business shuts website (operated out of Cyprus) no one answers the phone or responds to emails .....

Then they (the parents) come along and tell my brother ,  all about their problems after they have lost everything and how they managed to lose it .....not 1 word to myself about it at this stage ...they have sworn him to secrecy ...but he has kept me abreast of the unfolding situation , .....they are more than likely aware that my response is going to be a single word ......dumbass............

How could you honestly be stupid enough to transfer all of your money into someone elses bank account ....and whatever happened to the old addage ...if it's too good to be true.......

Well they wont have any more similar problems ....because now all they have to manage is their weekly pension cheque.................

https://www.tradefinancial.com.au/

Sadly its decent honest people who get caught because they think everyone else is like them. Specially older folk. $130k may not be a lot to some, but its an awful lot if that's all you have. So sorry for them

 

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oztony

Thanks Pete ...they now have just the retirement home they live in , they still have not told me ..too embarrassed is my guess , all the information has come from my brother even though I am the executor of their will , I think it is just so demoralising and difficult for them to , at this stage , to disclose it to me ...they just walked into a slick trap and fell for it hook line and sinker .....but the most frustrating thing is they did not even consult anyone before they just handed over their life savings to a complete stranger .....the mind just boggles. 

I think the hard thing for them is that they know had of I been privy to any of their very ill conceived plans I would have advised strongly against it from the outset , there was just absolutely no due diligence applied at any stage ........

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smokey
53 minutes ago, oztony said:

Thanks Pete ...they now have just the retirement home they live in , they still have not told me ..too embarrassed is my guess , all the information has come from my brother even though I am the executor of their will , I think it is just so demoralising and difficult for them to , at this stage , to disclose it to me ...they just walked into a slick trap and fell for it hook line and sinker .....but the most frustrating thing is they did not even consult anyone before they just handed over their life savings to a complete stranger .....the mind just boggles. 

I think the hard thing for them is that they know had of I been privy to any of their very ill conceived plans I would have advised strongly against it from the outset , there was just absolutely no due diligence applied at any stage ........

as sad as it is and as pissed off as you are they are still here for you to cherish I would give lots just to be able to sit down and have tea with my mom and listen to her scold me about my choices in women some things money cant buy 

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trthebees

Sorry to hear that your parents have been scammed, and not in a small way but their whole retirement savings. They've nothing to be ashamed of, these scammers are very clever, will sound like their best friends at the start, and will quote endless security guarantees. Whatever is necessary. 

I've been done for a vehicle deposit on Ebay, only tiny compared to yours. At least I twigged fast and got Ebay and some mags to pull all the his other ads. I've not been done by those fake microsoft people who put up a sign to phone them after your computer sticks. After nearly an hour on the phone, I refused to pay....they got mad. I hate scammers particularly preying on ordinary trusting people.

I thought of the latter cos it stuck when using FB. In your sad tale you mentioned it was a FB ad. Is it possible that rather than feeling impotent they could start a course of action?. Try to get the local MP involved preferably, but start some effort to hold FB to account for carrying such ads. FB aren't exactly the flavour of the month in various countries, why should they make money out of scam ads?

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Ozepete
15 hours ago, oztony said:

Thanks Pete ...they now have just the retirement home they live in , they still have not told me ..too embarrassed is my guess , all the information has come from my brother even though I am the executor of their will , I think it is just so demoralising and difficult for them to , at this stage , to disclose it to me ...they just walked into a slick trap and fell for it hook line and sinker .....but the most frustrating thing is they did not even consult anyone before they just handed over their life savings to a complete stranger .....the mind just boggles. 

I think the hard thing for them is that they know had of I been privy to any of their very ill conceived plans I would have advised strongly against it from the outset , there was just absolutely no due diligence applied at any stage ........

Mate, as sad as their loss is, the embarrassment and feelings of letting you down is probably more painful.

Can I suggest you sit down with them, tell them about somethings you stuffed up, just a few things, not the whole bloody lot!! :o (even embellish it a bit!!) Tell them how much they mean to you and that everyone makes mistakes specially when attacked by scum back thieves. Tell them that no one criticizes the bank manager if his bank gets robbed, they simply have sympathy for him.  Tell them you know they got robbed so they can be relieved of that much of their pain.  

Good luck with that Tony and please stress to your folks that they are victims, nothing else. 

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savarity
There is a YouTube channel (actually many it seems) called Kitboga which can be quite informative about just how far scammers such as these will go.  The fellow is not attempting to "catch" any of the fraudsters, but uses his efforts to trick the scammers into staying on line for long periods of time. He eventually outs himself and these scammers will come unglued and continue to waste their time ranting while we watch. 
His efforts are to keep them online rather than with some person who is being scammed. 
Its not fair to refer to those being scammed as idiots or a dumbass. The scams work and often the victims are educated and younger people.
The Kiboga fellow will disguise his voice while the scammers attempts to get credit card payments, or in lieu of that, gift cards such as with Apple. 
When he confronts the scammer, they often become quite vulgar and abusive and reveal their belief that their victims deserve to have money taken and are too rich. 
Reverse scamming (waste the scammers time) was how I originally found out about Philiipines and SEA. Particularly 419 eater(mostly about Nigeria) and other, scam the scammers, setups.

Sent from my SM-G925V using Tapatalk

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