When you see the words "wealth creation", run a mile. http://www.cftc.gov/PressRoom/PressReleases/pr6353-12 Commodity Futures Trading Commission (CFTC) filed a civil enforcement action charging Senen Pousa of Australia, Joel Friant of Bellingham, Wash., and their company, Investment Intelligence Corporation (IIC), an Australian corporation, with operating a fraudulent off-exchange foreign currency (forex) scheme. he scheme allegedly accepted at least $53 million from at least 960 clients worldwide, including at least 697 clients in the United States, and clients in Australia, the United Kingdom, Canada, Germany, the Netherlands, and Singapore, among other countries. None of the defendants has ever been registered with the CFTC. The CFTC complaint alleges that from at least January 1, 2012 through the present IIC, through Pousa, Friant and its other agents, and defendants Dillard and Elevation Group, utilized "wealth creation" webcasts, webinars, podcasts, emails, and other online seminars via the Internet to directly and indirectly solicit actual and prospective clients worldwide to open forex trading accounts at IIC. The complaint further alleges that clients were promised by IIC, through Pousa, Friant, and other agents 1) a monthly return of 9 percent, 2) that IIC's managed forex trading would risk less than 3 percent of a client's capital per transaction, 3) that IIC was able to limit the risk inherent to forex trading by limiting its managed forex trading to 2 to 5 trades per month, and 4) that IIC has six "proprietary traders" working 24 hours a day trading clients' funds.
You know I think I had a client mention this to me a few months ago as something they were going to invest in - it was in The Age a day or two ago. The "turned $10,000 into $280,000" is ringing bells! The fourth and fifth laws of gold come to mind: Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those who are skilled in its keep. Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment. (yes I just reread that book).
I feel less sympathy for those that are greedy and also choose not to take responsibility and do their own due diligence. 'a fool is soon parted with his money'
Agreed. However what I have always struggled with is how much sympathy are they deserving of? I know it is more than none but less than full but I can never come up with a suitable answer and it remains in question limbo still.
