A few weeks ago the blogmaster assisted a middle aged lady with a matter to her satisfaction. She then politely asked the blogmaster if she could give him a call later in the evening. Of course said the blogmaster being the kind gentleman, about 7:30PM should do it.
To hurry the story along the middle aged lady asked if the blogmaster was familiar with FOREX TRADING and that she was presenting the opportunity for significant money to be made by the both of us. After a few questions the blogmaster was able to conclude that the middle aged lady was ignorant about how to trade in foreign currencies but to compensate, she was confident the people she had become involved would deliver on a promise to train her AND the blogmaster should he grasp the opportunity to get on board.
Always mindful of the familiar Proverb a fool and his money are soon parted the blogmaster pulled up Google (let Google be your friend) to confirm a suspicion. This was another scam where snake oil sales men pump ignorant individuals for referrals to the scam – it turns out the referral payment is the revenue opportunity for the managers of of the scam and the foreign exchange spreads – where the risk is 100% – left to the hapless individuals who were referred to the scheme.
One of the biggest perpetrators of the FOREX TRADING Scam is the company iMarketLive.
We are living in a harsh economic time, when greed and ignorance are added to the plot it makes for a sizeable opportunity for fraudsters.
Barbadians, a word to you should be sufficient!
A former manager of mine once tried to recruit me.
Didn’t give him the time of day.
David
Good get. These kinds of schemes are fairly normal currently. We receive at least a dozen per day
The pitches may change but the underlying structures remain the same.
More precisely scams like these are so normalized that something like bitcoin has recieved a halcyon place next to gold in some respectable portfolios.
Bitcoin was recently valued at 10,000 dollars, per coin. Six years ago it was maybe 10.
While on this subject, you should inform us about government’s foray into this area. The role of the “gurus” the administration brought to turn brass into gold.
We refer to Adams junior el al.
@Pacha
You are galusbait this morning.
@Pacha
This link will interest you.
https://platform.twitter.com/widgets.js
is Adams still a senator? is Gabriel Abed still dabbling in Fintech?
Adams is still a Senator and Abed manages a Fintec after the buyout.
David
Forgive us, but that terminology excapes us, though our instincts indicate something detogatory. Could you explain your meanings.
@Pacha
A bajan colloquialism for being deliberately provocative.
Derogatory
So David
Would we be therefore correct in assuming, based on the public attitudes of the regime, its nonpluss disposition towards the “coin”, that bitcoin is no longer in goverment s plans as a central means for capital mobilization.
@Pacha
It was never about bitcoin, what was floated is termed digital currency, a big difference as the young ppl say.
>
I believe the original term is “gallows bait”. It means that one is provoking someone to commit murder and thus to be sentenced to death by hanging
A cousin of mind was approached by a young lady who swore she was making a little money trading in forex. Since her business is really suffering she asked me what I thought. I told her I would not even think about it.
I am an old fashioned fool who thinks one should make money by PRODUCING something.
Ma-Donna
You dealing wid nuff death these days.
We would prefer success with the case which has been your, our, preoccupation. LOL
Anyhow last night we has a wonderful “little death” as the French say.
Had
Donna
Not that you corrected the colloquial term memory returns.
Thanks, David
Donna
Again you are right.
David
There are no real differences berween bitcoin, which is digital, and digital currency.
Both have no underlying value outside of the artificial markets we create for them.
@ Pachamama October 6, 2020 7:53 AM
LOL!!
La petite mort!
Some people never live to experience such a wonderful feeling of deadly pleasure.
Have you ever died and went to heaven, dear Donna and Simple Simon(e)?
I believe the original term is “gallows bait”. It means that one is provoking someone to commit murder and thus to be sentenced to death by hanging
In my village when older men became interested in young girls, the people would advise them to leave the girl alone that she was “gallows bait”. I guess it can be used in more than one way.
Miller, did you not read Cudear Bajan post on female castration by you know who.
@Miller October 6, 2020 8:29 AM “Have you ever died and went to heaven, dear Donna and Simple Simon(e)?”
Routinely.
Clearly I mixin’ wid de wrong crown, because none of the “foreign exchange gurus” have approached me.
I mussee look like I poor as @ss, like I int got 2 cents to rub together.
Which by the way is true.
Lol!
A very good post. A very sound warning.
Scams are rampant in this covid-19 era. Most of these scammerd make their money off of what they sell to you.
I am familiar with the use of ‘gallows baits’ as described by ‘Dame’, but some hard_back men get away with nonsense.
Dame Bajans
Yes, I’ve heard it used like that also. The concept is the same although the penalty for statutory rape is not hanging.
Vincent,
I can’t remember. lol.
Pacha,
I thought we had agreed that he is to survive as a living dead.
@ Donna
Re “gallows bait”
Extreme provocation likely to cause the provoked to commit murder. I think that if one convinces the Judge that one was provoked it would count towards the mitigation of the punishment. I am not a lawyer.
WARU is a good example of a “gallows bait” , having called my name in vain wrt Boris Johnson’s Damascan speech on the contribution of Afro- Caribbean emigrants to the social and economic development of UK.. Lol!!!
I will continue to scroll past all vexatious interventions. Wuk Loss! Looka my crosses ! Heh !! Heh!!!
Correction:
“pass” not “past”
Vincent,
Like you, I suspect the perdon who coined the term was not a lawyer.
Person
A sucker is born every minute. Some people, throughout human history, because of greed, are prone to be BUYERS OF BRIDGE. Some years ago in Jamaica, a rouge FOREX trader by the name of David Smith of OLINT, scammed around 40,000 mostly well- to- do jamaicans of over US$ 200 million. I was introduced to the scam by a relative of mine. After making a few checks and inquries, I said no thanks because I knew it was a scam. My relative lost a around us$ 15000 in the end.
David Smith was eventually extradited to the USA, where he was charged and prosecuted on multiple felonies. He was given a thirty year prison sentance.
Lol. I think this article is valid as it relates to some people sharing an opportunity but, this is not the plight of all. Anyone telling you a get rich quick or asking for your money personally you should be wary of a scam. It is sad that for a proper editorial piece, the only researchers that was done was to go online and search for the word scam and a company name. People do videos like that against up and coming companies for click bait and to obtain spin off potential customers, switching them to their business or business model. The company and its leaders have been mentioned in Forbes, Yahoo Finance and many other reputable business and investment forums. It’s just sad to see that Barbadians that may be as gullible to schemes including sue sues promising to offer instant money with no effort are also gullible to poor reporting and media without trying to understand the subject matter or doing their own research of a skill that could actually be helpful in a time like this where no ones jobs is safe. This article and videos are riddled with inaccuracies. An unequipped individual can get involved in any business recruitment or otherwise that does not mean all involved are. I’m a full time trader with at least 4 other full time traders under my belt. Just wanted to make sure this information was balanced and that pple see an opportunity to fact check!
The blogmaster is happy you are making money, knock yourself out.
As I said, I don’t like trading/educated gambling. Sometimes it can make one heaps of money but it is not how I would choose to make mine.
I put this here. Read for yourself and decide.
Always remember this… In a scam or pyramid scheme, some are making money and some are losing money.
https://www.dollarsandsensela.com/blog/iml
These are the times that Ponzis flourish in. People looking for a big return to help pull them out of a hole and are willing to take a chance on it.
Bajans on the whole dont lean towards investments. After the bond restructuring and clico who can blame them. The problem is with no real viable investment opportunities these same bajans may take a chance on something that sounds too good to be true. It’s the old saying of buyer beware. Truth is they are few safe investments out there now as none of us know where this virus will take us.
@John A
This forex thing cannot be honestly labeled a ponzi. Individuals are recruited and the recruiter paid a % of the referral fee. The scam is in the bait floated to ignorant people who believe they can become experts in forex trading. A few will make it because of intelligence and luck but most will lose their skins.
Good evening BU Family,
I wrote this article on iMarketsLive back in 2018: https://www.caribbeansignal.com/2018/06/26/is-imarketslive-a-scam/
These schemes are sickening. They prey on the desparate and the destitute and the rich and greedy alike. Look up the recent Drugs Su Su bachannal in Trinidad.
Kind regards,
Amit.
@ David
These get rich quick programmes all have the same characteristics as a Ponzi scheme. In other words the seller knows the buyer’s chances of coming out on top are far from fair based on its structure. A few with the idea rake in the money and most of the buyers never see a return on their investment. You want a better definition of a Ponzi than that. It may not be the traditional PONZI like a Maddox where paper is sold for cash, but in the end it’s the same scam done differently.
https://nationwideradiojm.com/david-smith-former-head-of-olint-investment-firm-released-from-turks-caicos-prison/
David Smith, Former Head of Olint Investment Firm, Released from Turks & Caicos Prison
Posted by Stevian Simmonds | 8 Oct, 2020
Former head of the controversial and failed investment firm Olint, David Smith, has been released from prison in the Turks and Caicos Islands. He’s served 10 years for money laundering. Mr Smith, through his firm, was responsible for fleecing thousands of investors in a ponzi scheme of more than 220-million US dollars. US courts had sentenced Smith to 20-years for wire fraud. He was discharged from extradition on the fraud charges by the former Turks and Caicos Islands Chief Magistrate, Clifton Warner, which resulted in the US applying again for his extradition in respect of that part of their case. The Turks and Caicos Islands authorities never appealed that discharge and it was brought back as a new offence that was heard by former Chief Magistrate, Tanya Lobban Jackson, who discharged him on being extradited on the fraud charges. The US is appealing that decision. In August 2011, U.S. District Judge Mary Scriven sentenced Smith to 30 years in prison in a federal court in Orlando, Florida. Smith pleaded guilty to 18 counts of money laundering, four counts of wire fraud and one count of conspiracy to commit money laundering.
It looks like the Americans pronounced a sentence on David, but that he never showed up for the American 30 year party.
i would bet anything that the Americans would be very, very happy to see him in their home country right now.
He is very handsome too. Wunna dun know that I have an eye [but no money] for handsome fellas!
Lol!
Long, long ago, and not so far away a fella came courting, I told him “iIhave a large mortgage, small children and 2 old sick parents”
When ya tell a fella dat, ya NEVA EVA get a second date.
And it so the story ends.
Oh well!
It also keeps the Ponzi artists far, far away.
hahaha. You are not simple at all. I have told my prospects who wanted to move in, that if they want to live with me, they will have to buy a house to put me in, that since not a penny out of a man’s pocket is in this house, not even as a gift, no MAN is moving in here. My current has his own mortgage free home. I sleep at him, but he DOES NOT sleep at me.
Wise woman.
Lol!
forty…they end up doing time but the real guys who get most of the money never get caught, remember bre-x when the guy who new everything went out the helicopter. Somebody has to die or go to prison so the big boys collect. I cant imagine sitting around the dining room table and getting the short straw and having to let the cops shoot me so everyone else can sue
From my previous experience its not that easy to get back a lost it stolen bitcoin because these scammers are very smart and they will cover their tracks but if you manage to find a trustworthy and reliable Recovery company, I said trustworthy and reliable because many scammers are out there disguising as Recovery agents and will only take your money without recovering your bitcoin, I was a victim of such myself after loosing my bitcoin to an investment scam I sort for help and I met few recovery agents and was scammed by a particular one again. Luckily for me I was referred to a company on telegram. You can send a complaint mail to fightingscams(@)AOL{.}com, he should be able to help you. They Recovered my stolen bitcoin after risking a token to their Recovery program. It was worth it in the end.
Tread carefully.
I haven’t read about Bitcoin for quite some time, but I seem to recall that it was almost impossible to recover lost bitcoins.
Sometimes it is best to cut your losses and run.
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Very useful
I did not do any research.
Just going by my gut and my spider senses.
Don’t get scammed twice
Do your own research.