Monday, April 7, 2008

On Scam and Con Artist in our society

In being a Real Estate Broker there are times when I do find scamming artist prowling some of those small time business talks and free seminars happening within the metro. Such an example of this when I attended the Free Entrepreneurship seminar conducted by a group of Chinese-Filipino businessmen in Binondo, Manila.

I get annoyed with these types of people and most of these guys are con-artist in a sort of way of enticing some hapless person to see and later buy that piece of real estate in Bataan. Example of this is that they are selling pieces of properties in hectare within Morong, Bataan. I know this place because some of Morong's portions are under the Subic Bay Metropolitan Authority's property and under the Bases Conversion and Development Authority and also some of them are under the jurisdiction of Department of Natural Resources as well because Subic is a virgin rain forest of the country and the others were already acquired with Ayala Land Inc with joint venture agreement with Subic Development Company (SUDECO). Other than that, some of those properties are still under the name of the Republic of the Philippines.

There is also an instance on of the books I read, "Real Estate Lesson by Eduard L. Tan" wherein a group of syndicates with connection with higher officials in the government are able to get a piece of property inside the La Mesa Dam, Watershed and Eco Conservation Park. It was sad that they have already titled it under their names and are willing to contest in the courts. Also remembered an article from Philippine Daily Inquirer (see Link).

Right now, there are many financial scam plaguing our people, the most recent I have seen, read and heard in the media this early 2008 was the Royal Manchester Five or RM5 for short. The company was up running for the past 7 years. Cyrus Hao and Renato San Juan are now at large and have already have gone out of the country hiding from the prying eyes and hand of the law. Doubling your money in 5 or 6 years is reasonable, given the less than 15% average compounding rate required to do so. But if someone promises to double your money in one and a half years, which is what 4% a month or 48% a year does, it's obviously a scam. That's probably a pyramid or Ponzi scheme.

Other high profile cases that have recently flaunted the media and people are FrancSwiss, Multitel and many others that have vicitimized the hard-working people, the middle class and even the few of affluent people in our society even the personalities which have kept themselves silent from these issues from the media.

There are also other informative to watch out for regarding con artist and scams, I read the issue of the January and February 2008 issue of MoneySense which is undoubtfully useful even the back issue of FHM (2006) was also a useful on small time crooks and syndicate prowling the street for unsuspecting victims.

Don't be fooled with these types of people. They will rip your hard-earned cash so don't put yourself into misery.




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