Religion-based financial fraud

Interesting that this was such a problem in the State of Utah, that they created a first-of-its kind searchable database of people convicted of a range of financial crimes in the previous 10 years. Just enter the person’s name, and if he or she is in the registry, you will find the nature of the offense, and when and where it occurred. *You will even get a picture of the offender.

intercst

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Religious fraud is a subset of affinity fraud.

Affinity frauds target members of identifiable groups, such as the elderly, or religious or ethnic communities. The fraudsters involved in affinity scams often are – or pretend to be – members of the group. They may enlist respected leaders from the group to spread the word about the scheme, convincing them it is legitimate and worthwhile. Many times, those leaders become unwitting victims of the fraud they helped to promote.

Wendy

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Fraud is proof of how easily people can be fooled.

The Captain

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Wasn’t Bernie Madow affinity fraud. You had to know someone before he would offer you his outstanding “fake” returns.

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A come-on I have heard used, for decades “learn insider secrets they don’t want you to know”. Sell anything to suckers with that line.

Steve

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Yes, it was classic affinity fraud. Including institutions with an affinity to him and his friends!

Not really. They had lots of “feeder funds”, people who never saw or met Bernie, sometimes were twice or even three times removed.

Twenty years ago I went to one of those “free dinners” for retirees that you have doubtless gotten the come-ons for. This one happened to be at Ruth’s Chris Steak House, which was different, so I went and listened to the pitch in return for a small but pretty delicious steak. After it was all over and asI was leaving, a guy took me aside with one of those “Psst. Want to get in on a hot deal?e And being amused I went along. No, there was no literature on it, no, I wouldn’t recognize the name of the “fund’, but it was “guaranteed” and paying (I forget how much, but significantly more than you could get anywhere else so “reliably.”) I passed on the fabulous opportunity, needless to say.

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In a video addressing the complaint last week, Mr. Regalado said that he did not want investors to be “mad” at the prosecutors.

“They have to do this,” he said. “I mean, if you think about this: We sold a cryptocurrency with no clear exit. We did. We took God at his word and sold a cryptocurrency with no clear exit.”

Oh boy, blaming God for your crimes? That’s a helluva bold move.

God told us to kill scammers who take His name–AND reputation-- in vain.

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Not really, considering some pretty horrible gods in the various pantheons which is not surprising seeing they were created in our image.

The Captain

eldemonio = thedevil? :frowning:

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Technically = the demon. It’s an unfortunate nickname without some background. It’s shortened from El Demonio Azul.

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