Narco, among others lose Pension in Ponzi Scam..

[url=http://www.edmontonjournal.com/sports/CFler+loses+scam/2222936/story.html]http://www.edmontonjournal.com/sports/C ... story.html[/url]

very unfortunate,

and now Narco and Donelson are no longer friends..

Don Narcisse's anger is justified, but misdirected towards Ventson Donelson.

It was not until Sept. 09 that theft and fraud related charges were laid against IFFL, a long running pyramid scam that swindled 400 million from investors.

My point being, for a long running successful scam like IFFL you need employees to really "BELIEVE" in the product their selling.

Only a very few at the top can EVER know the truth behind a pyramid scam, and the rest always get duped in some form.

they only people who lose from these scams are the greedy. if your offered ridiculous return on nearly no risk...use your head it doesnt take a rocket scientist to figure out something is not right. no sympathy to these people and they should not be given their money back. they were dumb enough to give it away like that

Your such a jerk dude!! I refuse to even give an intelligent insight to what you just said

really...do you even know how the scam works? look it up first, a company comes to investors with RIDICULOUS claims. they say you will have a 200% return while suffering no risk...anyone who has any sense of the capitalistic system in the western world will know this is impossible. so the only reason you buy into it is cause your greedy and want to try and bypass the system. than they whine that they get screwed and waste YOUR tax money taking it to court and trying to get their money back. its like whining cause you lost money when your stocks crash. if your going to play the game you have to be willing to accept the possibility your going to lose...these people made a stupid investment and now want you to pay them back. im a jerk? if not wanting to help some loser get his money back that he practically gambled away is being a jerk than fine

so based on what your saying its fine to run these scams but just dont be the
"loser" who gets caught in them!! man this same stuff happens to elderly people to but I guess it's their fault eh? Just because it may be ridiculous and poeple get greedy does NOT make it right. You kinda make yourself sound like the kind of guy that would operate one of these scams "oh well its their fault for being greedy, not mine, ooohhhhh boohoo your just wasting the taxpayers money when you take me to court cause its your fault I ripped you off"

thats right i make an argument and you accuse me of being a jerk. it happens to elderly people? what elderly people are diff from not elderly people. if you have ANY INVESTMENT SMARTS AT ALL you will not get scammed. yes they should be punished but they should not get their money back, thats the waste of time. in essence by investing in this scam you yourself are pretty much guilty and thats what happens. didnt your mommy read you all those stories about how you cant be greedy or it will come back at you? apparently not, i guess next youll want that prince of nigeria guy to be tried and give all that money back to the people dumb enough to buy into it. this is truly rewarding stupidity

You must be rich and stupid dude!! Some times people get "sold" an idea, and they may be in tough times barely making ends meet, and sometimes its hard to see though the "scam" when your desperate not greedy. Im not specifically talking about this pyramid scam im talking about several scams ones that have "employees" completely devoted to whatever "product" is being "sold." So maybe you should get off you high horse and research some of these "companies" and see how its not so obvious as the ole " I am a banker in nigeria and a weathly man has died naming you as is hier to a fortune of 1 000 000 dollars I just need you to send me $1000 for processing fees." some of these scaming "companies" are very very very good and don't just target "greedy" people but people with depression or self-esteem issues or depserate people who are broke and laid off of work or elderly people who may suffer from mental disorders and all other forms of people than just "greedy" people

i understand but that was not the case in this situation i was referring to the ones in the paper i cant recall their names but they were not depressed or barely makeing ends meet. the ones who lose the most...lose that much cause they have it to lose...make sense? i almost confused myself there LOL. its usually large backers they go for...cause these people like gaining lots of money...im not saying the employees or anything liek that shouldnt be defended. its the multi-millionaires and such that get screwed cuase they are in fact to greedy for their own good and than cry to the press cause they are the victims...when they were making an ivestment that could only be illegal or a scam.

Fair enough when put like that I agree with you I don't feel sorry for millionaires who invest in deals that are that shadey, but if they can get the money back from the scammer than I believe it should be done or that money should go to charities or siezed by the government and used to fix roads build schools, hospitals, or a new dome for the Riders (okay im kidding bout the last one lol)

haha i agree it should be put towards our deficit or infrastructure, not put back int their pockets.

Has to blame someone. :twisted:

if you have ANY INVESTMENT SMARTS AT ALL you will not get scammed.
Should have stayed in school. :rockin:

no shouldnt have bitten on an obvious scam?

Jake, what were the details of the investment. How much return was promised and what were they investing in.

cant remember off the top of my head, and ive yet to sleep tonight lol, but if you search ponzi scams, im sure you'll find what they are all about. basically a "business" presents a pitch to a group of investors, the pitch involves ridiculous returns for nearly no risk, this is where the whole "if it sounds to good to be true than it is" phrase fits in nicely, basically they find investors who are looking to make money without having to go through the processes the rest of the business world must. the money they gain from other backers is used to pay off the original investors and so on, and this processes circulates till it gets so big that they cannot afford to keep paying off everyones return. all the while this is happening they are skimming money off and putting it in their own personal bank accounts. around this time is when they get "caught" but they usually do as these two did.

I know how the Ponzis' work, but what were the details on this particular one? ie. rate of return and what was the investment supposed to be in?

just told you cant remember how is that relevant? if you know how they work you know that in order for it to be a ponzi scam you need ridiculous rates and returns. if you want to know im sure you can find it out on the net as well, look it up. other than the fact that i think your arguing just for the sake of arguing im not sure where your heading with this.

Just wondering where this comes from. Do you honestly believe the scams are that far fetched????

So, since you're saying he isn't a rocket scientist, what exactly was offered to him to make you believe this. What was the return and what was the investment in, that it was so obviously a scam???? That's all i'm getting at.

look...it...up? if the 200% was an obvious exageration to get my point across, if you know a little about investing youll know that they better the return the higher the risk so when you get any stock with a good return its going to have a good risk. they offers in this scam do not follow this guideline, they reverse it.

At least you have some of it right... this is the definition from the US Securities & Exchange commission...

"Ponzi" Schemes
Ponzi schemes are a type of illegal pyramid scheme named for Charles Ponzi, who duped thousands of New England residents into investing in a postage stamp speculation scheme back in the 1920s. Ponzi thought he could take advantage of differences between U.S. and foreign currencies used to buy and sell international mail coupons. Ponzi told investors that he could provide a 40% return in just 90 days compared with 5% for bank savings accounts. Ponzi was deluged with funds from investors, taking in $1 million during one three-hour period—and this was 1921! Though a few early investors were paid off to make the scheme look legitimate, an investigation found that Ponzi had only purchased about $30 worth of the international mail coupons.

Decades later, the Ponzi scheme continues to work on the "rob-Peter-to-pay-Paul" principle, as money from new investors is used to pay off earlier investors until the whole scheme collapses. For more information, please read pyramid schemes in our Fast Answers databank.

http://www.sec.gov/answers/ponzi.htm

Narcisse more than likely invested when the scheme was in the process of collapsing.. he trusted teammates who lost money as well... so to say that Narco was "greedy" and stupid is false... anyone can be duped.