Comments on: Financial Fraud: 6 Simple Steps to Protect Yourself

By: Tom D.

Tom D. — Mon, 04 May 2009 15:34:02 +0000

It would have been much easier for everyone if you had included the Powerpont presentation Scott Brown’s session on options. It is almost impossible to visualize and understand his commentary without the slides.

By: JB

JB — Wed, 01 Apr 2009 15:06:23 +0000

I made the same mistake Mullins & White -(now two separate companies Guardian Oil & Gas and DW Energy Group when Rick Mullins and Martin White parted ways in 2008..Hmmm?) showed me that M&W’s Oil and Gas were 10 for 11 wells of people making a good profit when I first invested. (I still have that PDF they sent me 2004-2005..what a joke!)

My first two wells were dry – “first time it ever happen to Mullins & White”, I was told. Shame on me for investing again, but a relative went in when on a well I did not and they were getting really good checks…for 2 months, so I ventured in on 3 more over several months hoping to recoup the loss and get a modest income stream.
The rest is as you describe months of production before you see a dime, then the expenses on that or other wells eats up the profit on the producing wells. Then the production trickles down to “not worth keeping”.. But wait there’s another well than sounds even better…(As far as the election goes, shouldn’t it be open for all investing partners in the partnership?)

Both new companies (Guardian Oil & Gas and DW Energy Group ) and urged me to invest again – I’m done. I can’t tell the good wells from the bad one, and apparently neither could Mullins and White (M&W Financial)

I really thought M&W Financial (Mullins and White) was the real deal – not a get rich quick scheme, just a good income stream with tax benefits in oil and gas. At the current 6% payback on my investment, I’ll break even on my total investment in 17 years.

It could be bad luck, or a really bad geologist, but like you I feel I’ve been scammed.

By: Financial Scams Go Global, Here's How to Avoid Them | Jutia Group

Financial Scams Go Global, Here's How to Avoid Them | Jutia Group — Thu, 19 Mar 2009 17:02:15 +0000

[...] Investment U, an investment newsletter that reaches hundreds of thousands of readers daily, offers “Six Simple Steps to Protect Yourself From Financial Fraud.” Consider them part of a “sniff test” to tell if something is legitimate. [...]

By: Financial advice | As Financial Scams Go Global, Here’s How to Avoid Being Stung - Contrarian Stock Market Investing News - Featuring Bargain Stocks

Thu, 19 Mar 2009 16:02:28 +0000

By: As Financial Scams Go Global, Here’s How to Avoid Being Stung

As Financial Scams Go Global, Here’s How to Avoid Being Stung — Thu, 19 Mar 2009 10:00:43 +0000

By: Rick S.

Rick S. — Mon, 09 Mar 2009 05:28:56 +0000

Bermuda vs. Texas. Oilmen of Texas believe a good day is when they’ve swindled enough money from some family to damage their lives beyond repair. The state RR. Comm. is not the investor’s advocate. There is no ethics or regulatory agency to enforce fairness. Texas will circle the wagons around the native swindler by refusing any infor-
mation or investigation on the crooks.
In the last 18 months I have found ways of being swindled by 4 of the 5 oil companys I’ve invested in. Here’s one example: 1. Mullins & White (now Guardian)invited me to invest in many Oil & Gas wells. After due diligence I chose 3 sites. After 9 to 10 months the well’s producing. If the flows meet or exceed expectations the monthly gross has 2 to 3 times the standard deductions applied. So, your check is cal’d against 50%+/- of the actual Balance. If the well comes in short of expecta-
tions they won’t spend the last of the solicited monies to complete the well unless the investors put up more $. Or, after choking back the flows to make the well look like a loser stage an election of the investors to see if we want to continue pumping this no gain well, sell it, or for tax reasons quit claim it to the Operator. As a closed ballot the results are whatever they want. Low & behold the vote is to abanndon the well. The operator takes over sole possession of the well. The flows miraculusly increase past expectations for 10 to 15 years. That’s only one of the 4 ways I’ve been had. Anybody, want to hear more? Call me at 970-626-5355. Texas Sucks.

By: Paul

Paul — Sun, 08 Mar 2009 21:43:19 +0000

The original article and the replys are all good. First, the sovereignty and governments of Bermuda, Nigeria, India, the Bahamas etc., certainly do not endorse or foster financially fraudulent schemes as an official government endorsement. It is illogical, bad for business and eventually will hurt that country ( With all due respect to Mr McMartin, it is likely that Doc Brown’s research does not have the statistics to back up his statements, otherwise he should have published them with the article. Please reconsider your subscription, as one author and one opinion should not deter you from otherwise valid financial information. )
Secondly, I have been duped by several MLM scams. The lesson I have leaarned is to RUN AWAY AS FAST AS YOU CAN, and if you can’t just say no, hangup and move on. If it is a family member, friend or neighbor, tell them to talk to you again in a year. Usually they wake up and they are out of it long before this.
Thirdly, good point on WELLS FARGO Liz Gray. In my dealings with them (Six mortgages, three bank accounts – personal and business over eight years, they are dishonest, crooks to the consumer, bureaucratically corrupt and immensely inefficient. I recommend getting away from Wells Fargo as fast as anyone can. Please write for details.
The bottom line from Doc Brown is that there are CROOKS, THIEVES, and SCAMS everywhere (in every country on the planet – by the way). DO NOT GIVE OUT ANY INFORMATION over the internet, telephone, or even in person until you verify the person or business entity to which you are dealing.
Lastly, if you can add and subtract, and want to get out of debt, add up all your debts, pay off the least amount or highest interest debt first, then the next, then the next, etc. Stop spending money on things you don’t need. What you do need is shelter, utilities (electric, gas, water), taxes, vehicle, gasoline, insurance (auto, home, life), food, and basic necessities. Take a break from (impulse) shopping until your debts are gone. This advice is free. It is similar to what you would pay many dollars for on line or on TV. If you want a good advisor on debt reduction/elimination see Dave Ramsey. (www.daveramsey.com)
Be careful out there,
Paul.

By: Leo Rey

Leo Rey — Sun, 08 Mar 2009 14:46:23 +0000

Why are you talinkg about Network Marketing like that? I wonder why Mr Buffet purchase a Network Marketing co. I have to say that we have bad appleas out there no doubt. The Direct Seller industry is powerfull. Who use Network Marketing? all brand names are using it because they are saving big money on advertisement.. Thas how they are getting paid.. sorry about my gramma. I dont need to have a perfect gramma to make six figures in Network Marketing (Direct Sellers)

By: Liz Gray

Liz Gray — Fri, 06 Mar 2009 21:20:18 +0000

If you get paid every two weeks, deposit 1/2 of payment into separate account +10% (maintenance “sinking fund”) then make one payment per month. Search your mortgage book or closing papers to determine the ammount of principal. Make a “prepayment of principal” labeled such with a separate check noting the arcelnumber and address of the property. These few dollars (dinner out 1x/week) will knock a whole year of payments off the far end of the mortgage. This will be more effective than extra payment which is largely interest. Many lenders do not regognize “extra” payment, and will not count two payments in March and April as a reason to miss October and November. Better to save one or two payments in a separate emergency account.
Be very cautious of bank savings accounts. Wells Fargo changed the terms of my savings account. The interest went down to almost nothing, and they took fees from the principal. The final straw — one cent of interest for the quarter, and $6.00 in fees. Obvoiusly, I closed the account. When we opened it the BO (bank official)
promised my mother that her money would be absolute safe…every penny protected by the FDIC.
Apparently that does not apply to the thieves within the system. We never agreed to pay a monthly fee on our joint savings account.
Our cash would have been safer buried in a tobacco tin, than in Wells Fargo. Scared…Oh Yeah. What’s next?

By: Diane

Diane — Fri, 06 Mar 2009 19:16:47 +0000

This article is absolutley the truth about what is going on in the financial world. There are so many scams out there and as the economy gets worse, as it may, more scams will follow.

One scam that has hit my twice in the last couple of months is one that they try to tell you that they have a check in a very large amount, say $500K to $2.5mil. and they have to get it to you right away. Oh, by the way, there is a delivery fee of anywhere between $499 and $525. The check will look real and legit, but you are out the delivery fee if you are taken in by this. Fortunately, I was on to this scam. It is being run out of India and if you ask who it is, they will tell you it is either Richard or Robert Shaw. So be on the lookout. They will have your name, phone number and address.