7% per Month! If It Sounds Too Good to Be True, It Is
Here’s a recent Google ad that promises great returns on your money…
BANK OF 7%
Fixed monthly profit rate (7%). Minimum investment limit (100 USD)
www.bankof7.com
If only it were true. If you hit the link, you’ll find lots of promises, so just for fun, I wrote to the “bank” asking for the CV’s of the officers and founders, their law and accounting firm. They told me “we don’t give out that information” and also told me they were “an investment firm”, not a bank. Hmmm. let’s see, no disclosure and a lie about representing themselves in their Google ad as a bank. I definitely want to do business with this firm-NOT.
As the economy worsens, you will see many ads like this one. In fact, if you go to their site, you may find ads for other similar schemes. All promise large returns. One had the audacity to say you might make 788% in one day. It would be laughable except that they had raised millions according to their promo material.
Anyway, a word to the wise. Don’t even think about it. This is classic ponzi with new money paying off the first people in so they spread the word and at some point, they are gone with the money.
Always err on the side of caution and you will never get hurt financially. A little friendly advice from someone who spent many years in the investment world and has seen it all.
- Posted on February 08, 2012 in Business |
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