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USMC-Retired

Well that is fine. There is some capital in the Ponzi Scheme that he set up. Plus all his life collateral. He right now is showing about 117 investors. At the cap amount of 500K that would be 60 million dollars. He has that in assets. However the key to the case will be the verbiage of the law.

 

Congress created the SIPC in 1970 to protect investors when a brokerage firm fails and cash and securities are missing from accounts. Funds can be used to satisfy the remaining claims of each customer up to a maximum of $500,000. The figure includes a maximum of up to $100,000 on claims for cash.

 

There has to be some protection. I really think your article was a precursor to the government seizing his personal assets.

 

 

 

oh, dont worry about the people that Madoff stole money from. The USA feds are already talking about bailing them out too. See, investing in the stock market in the US is a guaranteed win. If your stock goes up great, if not, get a bail out from uncle sam! Think I'm full of BS, here is the article outlining the potential bailout of Madoff's victims.

 

http://wcbstv.com/business/madoff.ponzi.scheme.2.888036.html

 

Wait, I guess you have to have millions invested before uncle sam bailes you out. Anyone else, well... they're to small to bail out. After all, the big rich fat cats in the USA cant fail or it would be soooo bad for the US. hmm.... Again, where is my bail out check. Im only asking for USD 50M... Do you think that will buy a loaf of bread next year?

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MattFromGA

So in other words, when someone else invests with someone who is breaking the law, its the US tax payers that foot the bill. Its not right or fair. EVERYONE in the world including the poor kids in Ethiopia know that investing in the stock market is a risk. Its a risk that you could loose everything. Since when was the US feds supposed to be the safety net of ever stupid decision of the rich? So what if some woman who inherited 1M decides to put the ENTIRE amount with some old man who works in "mysterious ways" (as is now claimed in all the stories), let her go back out into the work force and learn a lesson, not get 500k USD out of the workers in the USA.

 

Nobody bailed me out of my mistakes or anyone else in my family or even any one I've ever known. Its always the rich or the big companies getting bailed out. The feds are way out of control from what is outlined very clearly in the Bill of Rights and the Constitution. Like those documents mean anything anymore. Most Americans havent even read either of those documents. They care more about reading the latest Britney scandal than reading the basic Constitution that governs their very lives.. Arg!!!! A libertarian's worst nightmare!!

Edited by MattFromGA
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USMC-Retired

That is not what I am saying.

 

Congress created the SIPC in 1970 to protect investors when a brokerage firm fails and cash and securities are missing from accounts. Funds can be used to satisfy the remaining claims of each customer up to a maximum of $500,000. The figure includes a maximum of up to $100,000 on claims for cash.

 

That is the Law. I did not make the law. Again it will be the verbiage of the law. Because it was not a legitimate firm they probably are not covered. However they are making a precursory move to seize his assets. Thus showing he has money to pay these people. Again the verbiage is key.

 

 

 

 

So in other words, when someone else invests with someone who is breaking the law, its the US tax payers that foot the bill. Its not right or fair. EVERYONE in the world including the poor kids in Ethiopia know that investing in the stock market is a risk. Its a risk that you could loose everything. Since when was the US feds supposed to be the safety net of ever stupid decision of the rich? So what if some woman who inherited 1M decides to put the ENTIRE amount with some old man who works in "mysterious ways" (as is now claimed in all the stories), let her go back out into the work force and learn a lesson, not get 500k USD out of the workers in the USA.

 

Nobody bailed me out of my mistakes or anyone else in my family or even any one I've ever known. Its always the rich or the big companies getting bailed out. The feds are way out of control from what is outlined very clearly in the Bill of Rights and the Constitution. Like those documents mean anything anymore. Most Americans havent even read either of those documents. They care more about reading the latest Britney scandal than reading the basic Constitution that governs their very lives.. Arg!!!! A libertarian's worst nightmare!!

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MattFromGA

I say not only seize his assets, but seize his future and use that in some bafoon reality TV show. That show would make millions. I bet if done right it would be the most popular reality show every shown on TV. Every blue collar worker putting in an extra 20 hours a week to pay uncle sam's taxes will love watching it. Maybe it would even generate more revenue than the 300M he has now. The looser was actually going to give that away to family and friends before the house of cards came down. He didnt give a rats ass about his investors. He and his likes are the ones that have brought down the US for the last 30+ years. Looking at the NYSE index over its history, its interesting to see the MASSIVE investments that went in just about 30 years ago. It doesnt even look right. That guy needs to suffer more than staying in a country club prison till he dies. At least send the guy to general population in Chino.

 

In fact, it makes me want to throw up to know they actually let that guy out on bail. You'd think one of his investors would put a bullet in his head. Probably, we'll read he ran off to Switzerland and later when some near future president is on his way out, they'll give the guy a pardon. Remember the guys that Clinton let off? One was one that did exactly that and never paid and never went to jail.

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smokey
Okay, I resemble that remark. But Legacy did run for a long time, almost 12 years. Which is a lot longer than most "ponzi" operations. However, the end result is very likely to be the same. Now, there is a difference between the double your money and the 3 year 48 percent interest plans compared to the rural bank programs which are offered all over the Philippines by different banks, not just Legacy and which have PDIC coverage (up to 250k). Those pay 15 to 20 percent interest, which should have been enough for all except the most greedy. Don't ask which group I fall in please. B)

 

 

 

 

 

 

You

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smokey
Then just tell me what the company invested in to make such returns? That is the million dollar question. In addition to your returns they paid a recruiter fee. So where did all this money come from?

 

Definition of Ponzi Scheme:

It is the name given to pyramid selling in the US. A Ponzi scheme uses cash from new customers or investors to pay returns to existing investors. It does little legitimate business, but just recycles money. The scheme depends on a constant stream of new investors to fund the payouts.

 

Someone that invested what did they say on your statement where the money came from to pay the interest? Or did you just go forward and say well the money is coming in I do not need to worry about all the details.

 

 

 

 

 

 

I think the banks were just a front to get the cash for the other investments... one time in Oregon I went to a small bank to apply for a boat loan for the rehab of a 65 foot fishing boat the bank manager and part owner of the bank calls me in to the office and says.. I can get your loan approved in 3 days for 250,000 dollars ... I said do I need a survey if so I have to get one done first... he said don

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A_Simple_Man
oh david are you yelling sour grapes..

 

I think its more along the line of . . misery loves company B)

 

I feel for those here that are now faced with the issue of getting the money back.

 

If it's a lot, I can only think what I would do. That is, identify the people in the system that can prioritise you, not on the phone, up close and personal. Use your charm. Use your prudence to grease the wheels without an additional burning ($ as needed versus your investment).

 

Too much is at stake to just sit back and soak up verbal placation. If their reassurances prove right, then you've only wasted personal energy.

 

The issue is what if, in time, the reassurances prove false? If they are wrong and you stand to be screwed, then you've done all you could to get it back and should suffer no additional regrets.

 

Again, I feel sorry to anyone that has to go through this sort of trouble.

 

Got shotgun?

 

Good advice and bears repeating . . so I quoted ya :)

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Then just tell me what the company invested in to make such returns? That is the million dollar question. In addition to your returns they paid a recruiter fee. So where did all this money come from?

 

Someone that invested what did they say on your statement where the money came from to pay the interest?

 

To take your last point first, I am not aware of any investment where the bank concerned tells you what they are going to do with your money.

Go put a few thousand into, say, Bank of America, and all you will get is the usual deposit slips and assorted paperwork, but it will NOT say precisely how they will use your money.

 

 

As for investments, there are plenty of ways that they can make the returns needed to pay that sort of interest.

 

The 5/6 or variants of it, scheme being one.

 

As one example (and this in the UK) there has recently been publicity about some lenders who will advance money against the security of any government pension, benefit, etc.

Such benefits are paid weekly, and people can borrow, typically, 75% of the amount they will receive at the end of the week, several days in advance.

 

So, assume they have the money for 4 days, they get 75% of what they would have otherwise received, and the lender gets the 100% 4 days after lending it.

So, 33.33% interest in 4 days.

Now, work that out as an annual percentage!

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Sure

 

My gf's uncle is an attorney. The bank holiday is said to run from dec.25-jan.2. I'll update as I get info. It's time to move your money to safety, bells on guys.

 

All the banks will be closed during that time frame, it's the holidays...

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  • 2 weeks later...

There is a way to come ok on these Ponzi scams. This will incur significant risk. Right now most will collapse so you will have to wait a while for the next batch to come in.

One thing you will always want to to is take your profits too early, that is a good general principal. Another way to tell when it is time to get out is when everyone and his uncle is getting into the scam. 100% time to bail signal.

You put in your 250k. You will have the full 250k at risk as you know during this time. At the end of a year you take out 250k leaving in only the acquired interest. This time frame will vary depending on how aggressive the returns are. The bigger the returns the shorter the duration of risk you should take. Now you are playing with the houses money. Then you can take the interest on the interest to pay for you beer or internet access or something like that. This will continue to work till the scam collapses.

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There is a way to come ok on these Ponzi scams. This will incur significant risk. Right now most will collapse so you will have to wait a while for the next batch to come in.

One thing you will always want to to is take your profits too early, that is a good general principal. Another way to tell when it is time to get out is when everyone and his uncle is getting into the scam. 100% time to bail signal.

You put in your 250k. You will have the full 250k at risk as you know during this time. At the end of a year you take out 250k leaving in only the acquired interest. This time frame will vary depending on how aggressive the returns are. The bigger the returns the shorter the duration of risk you should take. Now you are playing with the houses money. Then you can take the interest on the interest to pay for you beer or internet access or something like that. This will continue to work till the scam collapses.

 

That is not the way these investments (sort of LOL) worked. If you pulled the principal out, there were heavy penalties. I'm guessing you've played around in the HYIP arena on the net by the advice you are giving!

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smokey
That is not the way these investments (sort of LOL) worked. If you pulled the principal out, there were heavy penalties. I'm guessing you've played around in the HYIP arena on the net by the advice you are giving!

 

 

 

 

 

 

Good call bob ifyou take your money early BEFORE the 5 year term you get so many penalties and a new interest rate so there should be nothing to take...Best advise i have ever heard is ...IF it seems to good to be true it probably isnt true

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All the banks will be closed during that time frame, it's the holidays...

 

 

oops B)

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Having my money pinned down like that with guaranteed losses if I remove it early is just too much risk for me.

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