The Globe and Mail’s Janet McFarland and the Vancouver Sun’s David Baines both wrote about our recent notices of hearing about responding to investment offers on Craigslist.
In March, we alleged that a BC man and two companies he controls made materially false statements while promoting an investment on Craigslist. Gaia Equity claimed to guarantee BC investors a risk-free monthly rate of return of up to 9.83% through investments in renewable energy projects in developing countries. Samuel Richard Allaby also claimed that these risk-free investments were guaranteed by the World Bank and the International Monetary Fund.
In May, we alleged that Paul Stiles told investors through ads posted on Craigslist that investors could earn returns ranging from 12% annually to 100% within six months by investing in Velocity Entertainment Inc., a private company that he claimed was producing feature films.
Two messages: There is no such thing as a guaranteed return and the returns promised in both of these cases are completely unrealistic; and, don’t respond to any investment offers on Craigslist.
If I haven’t convinced you yet that HYIP’s (High Yield Investment Programs) are Ponzi schemes, then let me try again. The returns promised in these funds just aren’t possible. Here is an example. PanaMoney Technologies, Inc. claims to offer up to 2.8% per day for investments over $20,000US. With this example, you would have $120,800US […]
We recently commissioned a national study asking youth (high school grads 17-20 years of age) questions about their expectations, behaviour and attitudes towards money. 91% were enrolled in post secondary courses. Media coverage of the study focused on the incredible optimism of these kids. For example when asked how much they’ll be making in 10 […]