So Many Online Suckers, So Little Time
from the amazing dept
There really are a lot of gullible people out there. The SEC has shut down the latest online ponzi scam, which was one of these "auto-surf" deals. That's not so interesting, considering just how many such scams there are. What's both amazing and scary here is that the scam appears to have taken in over $50 million in $6 increments. Can someone please add "Skepticism 101" and "How Not To Be Gullible" to our elementary school curriculum?Thank you for reading this Techdirt post. With so many things competing for everyone’s attention these days, we really appreciate you giving us your time. We work hard every day to put quality content out there for our community.
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No Subject Given
If they did, the churches would complain..
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When you consider the amount of money lost and pain caused by a lack of such skills, it is not a wonder this class isn't taught, it is a wonder that it isn't compulsary.
My dad used to call it "common sense". It was years before I realized that "common sense" was anything but.
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Over the years, the meaning has somehow changed into a politely impolite way of calling someone an idiot.
I prefer "critical thinking" to "common sense" for this reason - most people who use the words do so incorrectly.
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Seriously, 1st time net surfers need to be require
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...at least credit card theft wasn't involved in gathering these people's $$$.
(whatever happened to those many companies who placed "$14.99" ads in the back of comic books, and never shipped the items?" - I betcha' their R$CH now...)
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http://www.twopercentco.com/rants/archives/popups/popup_107.html
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money-filled brain
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Hey
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No Subject Given
"Son, that phrase is self-contradictory. 'Sense' is never 'common.
Time enough for love
R.A.H. Heinlein
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Actually, it would be more like the governement would legislate it out of existance due to intense lobbying by marketter-backed astroturf organization.
Silly Mike...skepticism is what schools are actually working to stamp out.
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Re: Seriously, 1st time net surfers need to be req
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Blakley decision - low dollar per offense fraud wi
In practice, agents used to be able to indict the small time scammers based on 5 or 6 counts in an indictment and list the other hundreds of victims losses as "relevant conduct".
Now, indictments must either balloon to hundreds of counts (each of which would have to pe proven at trial) or a case would simply be about $6 taken from 5 or 6 victims - literally a $30 case.
I have seen AUSA's turn down cases where 700 people were scammed out of $20 each because the logistics of potentially calling each of the 700 at trial - transportation and lodging - just isn't worth it.
These types of low dollar / high volume scams are much harder to charge under federal law now and will really increase in prevalence.
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suckers
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Re: your profile
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Online Ponzi Scams
Like Brad said, the internet's big contribution to ponzi scamming is the massive extension of reach. Instead of screwing 500 people out of $10,000 each, an online scam can rip off 500,000 people for $10 each. People are a lot less likely to go after somebody who ripped them off for $10.
In this particular scam, there were a lot of people who knew it was a ponzi scam because they're serial promoters. They join one, recruit a lot of members, make a nice profit, and then bail before it falls apart. Then they move onto the next one. Another bunch of "investors" were people who were so desperate they'd try anything to make a bit of cash. And apparently this one ran through a number of congregations -- because everybody gets the best investment advice in church, right?
The worst bit is that many of the victims still believe if the government wouldn't have interfered, they would've ended up making a fortune. It's like a freaking cult or something. Scary!
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