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 Ponzi Scheme?

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Magic Johnson
Hello I'm New here!


Joined: 07 Apr 2010
Posts: 6


PostPosted: Mon Apr 12, 2010 5:55 pm Reply with quoteBack to top

Hello,

I was browsing Craigslist for some scams to get started on, and I ran across this:
http://orlando.craigslist.org/fns/1687240999.html
We are looking for 10 serious qualified investors that are tired of the uncertainty of the market and not willing to accept 1-2% return from the bank. We will pay you 10% annually( payable each month) for as long as you allow us to use your money to acquire auto loans. We are seeking a total of $10,000,000 at which time we will close the pool. Your money is protected by the auto notes as collateral and we pledge a $10,000 note to you as collateral for every $9,000 you have invested, so you are always over collateralized. We handle all collections and servicing , you get a monthly check and at any time you'd like the principal retruned, just notify us and within 120 days you are paid off.
More people than ever are having a tough time getting car loans, the car dealers need help and you need a good retrun that is short term and liquid. This is a investment that makes sense for everyone.
Contact us at
352-598-3492
[email protected]


What makes it seem like a scam is the fact that they want huge amounts of money, and the investment is watertight, too good to be true.

After emailing, I quickly received a detailed business plan from the company director who was wanted to speak over the phone. The business plan included the name of a practicing attorney in Florida.

The business plan (eight pages of dense text) consists of creating loans and selling them within three years before the person has a chance to default. Investors put down a huge amount of money and get interest paid monthly.

Maybe its legit. I dunno, I'm really green here, any suggestions?

Thanks!
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BobCat
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Joined: 04 Mar 2005
Posts: 972
Location: on the 'net


PostPosted: Wed Apr 14, 2010 5:54 pm Reply with quoteBack to top

I don't think this is a ponzi - they usually have no limit on the # of investors, this one has a limit of 10.

They're targetting high net worth investors in this one.

Quote:
we pledge a $10,000 note to you as collateral for every $9,000 you have invested


and when the note is worthless because someone stole the car or they stopped paying, who cares.

Quote:
We will pay you 10% annually( payable each month) for as long as you allow us to use your money to acquire auto loans.


Most prime auto loans are paying less than 10% interest so unless they're going to go after subprime auto loans (which now are losing value faster than a politician's campaign promise) how do they expect to make money?

This is definitely high risk but what's the reward? 10%? Please. It is a bad deal.

Definitely scammy but not in a ponzi way.

My guess is a bunch of people bought a bunch of car loans, and they're going down the drain, so they want to pawn them off to new suckers and go away.

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justjay
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Joined: 22 Mar 2007
Posts: 2412
Location: ~Data Miner & Esoteric Trivia Collecter~


PostPosted: Wed Apr 14, 2010 9:04 pm Reply with quoteBack to top

Generally agree with BobCat above, but it may be more than just cars. (imho) It only makes sense if you can afford to lose.
Lot of those very/similar ads on Craigslist around the country (Google the phone number)

Quote:
10 serious qualified investors...
We are seeking a total of $10,000,000 ...
10 investors at $1M each or 10 in each area or ??

Quote:
352-598-3492
International Numbering Plans wrote:
Information on phone number range +1 352 598XXXX
Number billable as mobile number
Country or destination United States
City or exchange location Ocala, FL
Original network provider* Cellco Partnership Dba Verizon Wireless - Fl
*) Number portability has not been taken into account


Probably = Jim Lally, Osceola Mortgage, 1899 SE 58th Avenue, Ocala, FL 34480
Office Phone: (352) 624-1179 x 108
or toll-free: (888) 624-1179
Cell Phone: (352) 598-3492
Fax: (352) 624-1189
http://activerain.com/ocalasmortgage
http://mortgagegrapevine.com/thread/?thread=77734
http://localism.com/neighbor/ocalasmortgage

---------------------------------------
Still. it's HIGH risk for only 10%

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Magic Johnson
Hello I'm New here!


Joined: 07 Apr 2010
Posts: 6


PostPosted: Thu Apr 15, 2010 8:26 pm Reply with quoteBack to top

Thanks BobCat and justjay, that makes a lot more sense. Everything I found on the people involved suggested they were into short term, speculative investing.
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