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No Guarantees
Jenifer McAndrews There are no guarantees when investing
July 8, 2013
By: Jenifer McAndrews

EYEWITNESS ONLINE WEBCAST VIDEO


This lesson cannot be emphasized enough, when it comes to investing your hard earned dollars, be careful who you trust and no matter what you are told, consumers must also remember all investments carry risk.
According to postal inspectors, the victim, in this case a wealthy retired businessman, was told his original investment was guaranteed. It was supposed to double his returns within 90 days. The man invested 3-million dollars.
He was told by the scam artist that he was investing in bank notes, traded between institutions in Europe. The scam artist claims he was buying the notes at half their face value and selling them for much more.
A short time after investing the victim got back one million of his original 3 million investment. Then the excuses started. Over the next two years the victim got story after story about why he wasn't seeing any more money.
In fact, according to postal inspectors, the scammer had never invested the 2 million dollars, instead he was living on it, making big purchases including a $500 thousand dollar luxury RV.
The victim was devastated, especially since the money he invested was earmarked to be donated to his church when he passed away.
The victim died before the case was finished, but the scam artist was caught and convicted.
Some advice for avoiding scams like this: don't fall for the promise of quick, unrealistic returns, or claims that no money will be lost. And beware of investments requiring you to wire the money. Wire transfers make it easy for conartists to move money around to many different banks.



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