Lebanese Man Makes off with $3 Million in Fraud Scheme
إقرأ هذا الخبر بالعربية
A Lebanese man has disappeared after gathering around $3 million from investors whom he had promised to return their deposits with very high interest rates, As Safir daily reported on Tuesday.
The newspaper identified the man from the eastern town of Bednayel as A. Safar, who convinced the investors in his village and nearby towns to provide him with cash in return of up to 40 percent monthly interest.
Safar was jailed in the 1980s for failing to pay his debts. But he travelled to Saudi Arabia after getting out of prison and later returned to Lebanon to open a company that sells construction and painting material in 2006.
Rumor has it that the suspect established his company from the money that he had failed to pay in the past.
But Safar became notorious again and the judiciary closed his business and seized several other properties, As Safir said.
According to the newspaper, there are around 10 victims from Bednayel and scores in nearby towns.
Bednayel residents claim that Safar escaped after the value of the interests he had to pay to the investors reached around LL50 million ($33,000).
14 August 2012, 10:45
01
The story is a bit unrealistic. If he gathered 3 million while promising 40% interest per month, the monthly interest payment would amount to 1.2 million. How on earth could the unpaid interest be only 33 thousand? I guess maybe he pormised 40% per annum interest.
14 August 2012, 11:11
04
Well said FT,these people are so greedy and dumb as well,why on earth would you hand someone all your life savings..
14 August 2012, 12:38
01
Greetings,
he he he he he , As a trader who had been trading the markets for more than 6 years, i can tell you that 40% is possible for 1 month because the second month you can be sure that you will lose all your capital. It depends on the risk level that you wish and can afford psychologically. I think that on the long term, 40%/ month is impossible, it is like roulette shot. But, But, But, In the financial markets, we always need people who have the following characteristics:
- Cowards
- Greedy
- Dumbs
- Ignorants
- Power lovers
- Fame lovers
- ( I won’t say Money lovers because if you don’t love money you won’t make it in this business )
And the best people we can get out there are those WHO THINK THEY ARE SMARTER THEN OTHERS AND SPECIALLY THE MARKETS.
Keep the minnows coming, sharks need to eat :)
14 August 2012, 14:47
10
I go from the fact that you cannot control anything around you. All what you can control is YOU. So by going from this general idea, no matter if you take a good or bad decision, as long as you are planning to decide and working your plan, things are ok despite the result is good or bad. But, but, but, all what you can control is the risk that you will have to carry in case of bad times. In trading, we don't risk more then 1.5% of our initial capital and that's true for live. These persons that i won't call idiots but i would say Greedy , took the risk and invested for a 45% return a month. If they risked only 1 to 2% of their savings in this operation, then they are good investors, otherwise they are too Greedy and they blew up all their life's savings.
14 August 2012, 14:49
00
Ohhh and i forgot to say, no Greed is not good because we depend on it to feed :) :) ( We are not greedy but we like greedy persons and traders as they will always end up losing what they have :):) :) :)
14 August 2012, 15:32
20
ma askhafak...ya batal ya trader...there's a difference between investment an speculation
14 August 2012, 16:40
00
@ Lebneneh, as long as you believe what you are saying than that's OK. :)
14 August 2012, 13:58
00
They probably are very uninformed about these scams and are likely uneducated, simple farming people who worked all they life for a scum bag like this one to fool them for a good retirement.
15 August 2012, 00:36
00
A word to everyone here and elsewhere: if someone offers you a deal that is too good to be true, then it probably is.
Too many people are willing to take advantage of innocent people, and until they pass real laws in this country which protect consumers, it is always a case of buyer beware or caveat emptor.
