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Ponzi Scheme - Gamble Fails

West Australian Racing
SLIPPERGOLDENSLIPPERGOLDEN    5,744 posts
A few jockeys and trainers caught up in a recent Ponzi Scheme and losing plenty...... But they should still have a fair few dollars left to play with.

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  • paraleticparaletic    3,147 posts
    Been hearing about this. Who was the mastermind?
  • Ridersonthestorm33Ridersonthestorm33    8,663 posts
    edited May 31
    The old Ponzi scheme and people still fall for it. Best advice given when anybody tries to hook you in - look interested, nod your head, listen carefully, and then run for the hills!

    RIO likes this post.

  • pikerpiker    323 posts
    https://www.heraldsun.com.au/news/celebrities-caught-in-ponzi-style-betting-scheme/news-story/ccdf21a2585d120bd04b1dbcf3d9d61d
    These two links are maybe the story from above.
    This reminds of ASIC advertising for seed money to finance a scheme to grow genetically modified 3 legged chickens. When the so called investor phoned to enquire, ASIC would tell them it was a fraud example and they should be more careful. But some 'investors' refused to hang up, saying they would not be put off a really good deal and persisted in wanting to put money in!

    Ridersonthestorm33, RIO likes this post.

  • Ridersonthestorm33Ridersonthestorm33    8,663 posts
    Yes the three legged chicken a good one. Recall a ponzi whereby in one part of the world $1.2billion was lost by investors in an ant farming scheme.

    The bigger the lie, the more greedy people ( want ) to believe.
  • Ridersonthestorm33Ridersonthestorm33    8,663 posts
    edited June 1
    Think that link is an older one Piker...when one finishes up - there's another just around the corner, all parts of the globe.

    Yes so called investor's..I'll go in and bat for the punter any day of the week, but when it come's to these ponzi's the only one's have less sympathy for than the crooks running the scheme are those caught up in it.

    Do like it though how things are fine early - early investor's getting massive return on money - happy days.

    If everybody post's $5 to me - I'll send you $20 back - and yes some early will get paid and tell others!
    But I'll need to keep receiving that $5 for along time and new people coming in all the time!

    The amazing thing with Ponzi's it's not just hundreds or hundreds of thousands but millions and sometimes billions of dollars.
  • TiversTivers    7,047 posts
    BitCoin

    Ridersonthestorm33, Manchild, RIO likes this post.

  • Ridersonthestorm33Ridersonthestorm33    8,663 posts
    edited June 1
    Decided to read up on BitCoin several months ago. Intelligent people were talking about its virtues. Reading and understanding two different things - but one thing crossed the noggin - Ponzi!

    Intelligence not my league - but being a bit streetwise is. The only coin I'll be investing is on the lucky last at Belmont today and literally coin!
  • savethegamesavethegame    1,217 posts
    Riders ;;;; Christo Moll got the top of town doctors, lawyers, highcourt  judge with I think,the diamond tax avoidance scheme.....

    D.macullay wasn't to happy on the radio Wednesday morning saying there would be front page news regarding fraud in the next week...

    Ridersonthestorm33 likes this post.

  • TheDivaTheDiva    11,542 posts
    gee, doesnt take long for people to get sucked in again... Bill Vlahos ran the last one only a few years back..  5 years ago? 

  • SKIDSSKIDS    744 posts
    I got stung a few years back by the old sneaky dog Peter Foster and his "Sports Trading Club".

    It screamed out scam from the moment I laid eyes on it, but when we had a dinner with F1 legend Alan Jones spruiking on about how awesome it was, I handed over a few k of hard earned.... Idiot!

    Ridersonthestorm33 likes this post.

  • JayJayJayJay    5,050 posts
    Peter Nolan and On Track trading relieved a whole lot of AFL footballers, officials etc of buckets of cash....operated from the Gold Coast, primarily got The Brizzy Lions boys but infiltrated WA footy circles. Snared some smart operators who were seemingly making plenty with his "On Track" race day punting (from as it turns out a tiny office on the Gold Coast later found abandoned), electronic balance sheets sent out weekly, initial "rake outs" paid on time, all going fine. Enter stage left JJ's syndicate of 4 with $2k (500 each for a bit of fun). Balance built to over $6k, lets drag out our initial "investment", all good, money transferred to account, balance rebuilt to over 10k, another take out? Hmmmm....no response, exit stage right JJ's syndicate......some others, including high profile ex WA AFL footballers,  lost over 50k because they kept tipping more in. Nolan also used the honorable Alan Jones to snare "investors", all the money and the operators disappeared. Federal coppers put onto the case but nothing eventuated. A class action was considered but the actual operators had no "assets" but their wives and children did!!!! Nolan and Foster, two absolute low life pieces of parasitic human excrement.

    Ridersonthestorm33 likes this post.

  • Ridersonthestorm33Ridersonthestorm33    8,663 posts
    edited June 1
    Wow amazing stuff JJ and Skids too. Yes innocents do get caught up in these schemes. So can feel for them and you guy's. Does Alan Jones have anything to answer for ? Or is he a victim too ?

    As you say JJ their pretty low character's not likeable at all.
    Now punting types can pay Tom Waterhouse...it's a free country...but why oh why would anybody fork out even 5 cents to him.

    People do and plenty of them. Very very clever advertising these blokes use, and guess roping in Jones and other's is the icing on the cake for them.

  • JayJayJayJay    5,050 posts
    Jones is no victim, just an egotistical pumped up meathead who can turn left and right.Can't abide him.

    VillageKid likes this post.

  • FreoHitmanFreoHitman    400 posts
    what was the details of this polished turd ??

  • TheDivaTheDiva    11,542 posts
    Did I hear DMAC mention this on radio last week? 
  • paraleticparaletic    3,147 posts
    TheDiva said:

    Did I hear DMAC mention this on radio last week? 


    yes. But i really dont think its a betting ponzi scheme.
  • TheDivaTheDiva    11,542 posts
  • TheDivaTheDiva    11,542 posts
    I have spoken to a bloke who was caught up in this and lost money. This is going to be a massive story. Not sure why it hasnt broken yet as I chatted with him two years ago and told him it was a scam... still hasnt got his money back. 
  • thefalconthefalcon    15,852 posts
    ref the con in the UK ^^...how could somebody give that con man 400k quid and another 200k quid. they must have been hypnotised, nobody could be that stupid.
    then again you read about middle aged women sending hundreds of thousands to young Nigerian guys...
    :-??
  • spinkingspinking    2,071 posts
    That works the other way round to Falc
  • SKIDSSKIDS    744 posts

    Wow amazing stuff JJ and Skids too. Yes innocents do get caught up in these schemes. So can feel for them and you guy's. Does Alan Jones have anything to answer for ? Or is he a victim too ?

    As you say JJ their pretty low character's not likeable at all.
    Now punting types can pay Tom Waterhouse...it's a free country...but why oh why would anybody fork out even 5 cents to him.

    People do and plenty of them. Very very clever advertising these blokes use, and guess roping in Jones and other's is the icing on the cake for them.




    https://www.smh.com.au/national/motor-racing-legend-alan-jones-linked-to-serial-conman-peter-foster-20151111-gkwht1.html
  • TheDivaTheDiva    11,542 posts
    You'll find there are some very intersting names that have handed over money in this case. It will leave you scratching your head. 
    I think the premise of it will be, people were promised very big and quick returns... by which the process of generating those returns was not understood by those investing (ie the use of betfair).

    It is very easy to make good money out of arbitraging on betfair... but its just as easy to do your money if the markets go the wrong way. Those not familiar with betfair might not realise this. 
    There simply was not the liquidity in certain markets OR the possibility of placing the size of bets that were promised by this bloke... for this NOT to be a scam. 

    There's a couple of great stories in this vein... the Bernie Madoff story is a ripper... he's in jail for 150 years. 
    The latest one, a doco on Netflix about the Fyre Festival is worth a look too. 

  • TiversTivers    7,047 posts
    Bernie may be locked up, but his family are living the life.
    now that's a definition of taking one.............
  • thefalconthefalcon    15,852 posts
    bloody hell that Foster bloke looks like a mass murderer....
  • paraleticparaletic    3,147 posts
    edited June 6
    Tivers said:

    Bernie may be locked up, but his family are living the life.

    now that's a definition of taking one.............

    both his sons died. Poor buggers had no idea apparently. One through cancer and one killed himself. Not sure about his wife or his grandkids. Very good movie called The Wizard of Lies about the whole story
  • TheDivaTheDiva    11,542 posts
    yes, thats the movie I saw... excellent watch if youre interested in what makes these fraud's tick. 

    FreoHitman likes this post.

  • paraleticparaletic    3,147 posts
    Interesting thing is he never promised huge growth, just constant growth year on year giving the illusion that it was a safer investment with him than the other investment firms. So people plough more and more and more of their life savings into it.
  • JimmyPopJimmyPop    15 posts
    edited June 8
    The Ponzi boy may be wishing for his life.I won't be surprised to hear that he has had a bad accident.

  • goosegoose    1,522 posts
    In the Sunday Times an article about Sterling First and retirees losing their money is this the ponzi scheme Darren was referring too?
    Seems a strange one selling 40 year leases on properties.
  • thefalconthefalcon    15,852 posts
    yes I thought that, especially most "victims" looked in their mid to late 60's.....
    who owned the properties?
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