Author Topic: PSA: Don't swipe recklessly for others (Read 1199502 times)

gingyguy · « **Reply #1680 on:** January 25, 2019, 11:55:05 AM »

Quote from: YesThatsMe on January 25, 2019, 10:11:58 AM

Now you’re just being a hater. If you would sit with these people for half hour you would understand that they are just incompetent businessmen. Meant-to-be-lifetime-employees who thought they struck gold.

Good, honest, hardworking, uneducated guys.

Honestly, they took “investments” and GUARANTEED the principle (making it a loan). They never understood the difference, and so were never able to turn around and tell anyone- Sorry, this investment failed and you lost your money.

where is the rule that only competent businessmen are capable of making a ponzi scheme? the definition of a ponzi is using someone elses investment to pay to pay prior investors without having a way to pay the later investors ( without taking newer investors) which seems like thats what happened here

aygart · « **Reply #1681 on:** January 25, 2019, 12:23:44 PM »

Quote from: YesThatsMe on January 25, 2019, 11:17:33 AM

Wrong re Madoff, wrong re these guys

You keep asserting that without giving any reason to believe that it is reality based.

knowitall · « **Reply #1682 on:** January 25, 2019, 12:55:05 PM »

Can we stop arguing whether it's an official, certified Ponzi scheme?

We can all agree, they had a business, it wasn't doing well and to pay off existing obligations, they took advantage of people, who will probably end up with a thousands of debt, bankruptcies, wrecked credit............

Moral of the story? look at the title of this thread.

zh cohen · « **Reply #1683 on:** January 25, 2019, 02:31:59 PM »

Quote from: LoLo on January 25, 2019, 11:24:55 AM

They clearly write in the email that the last year it became a Ponzi scheme. The money they swiped went to no business operations.

..hey, why was the email deleted?

Maybe their lawyer got involved and suggested that confessing publicly was not a good idea?

LoLo · « **Reply #1684 on:** January 25, 2019, 02:51:27 PM »

Deleting here won't delete it from the inboxes of their victims.

churnbabychurn · « **Reply #1685 on:** January 25, 2019, 03:09:03 PM »

Quote from: zh cohen on January 25, 2019, 02:31:59 PM

Maybe their lawyer got involved and suggested that confessing publicly was not a good idea?

Yeah that was dumb

Mordyk · « **Reply #1686 on:** January 25, 2019, 03:33:40 PM »

Quote from: churnbabychurn on January 25, 2019, 03:09:03 PM

Yeah that was one of the dumb things they did

FTFY

EP123 · « **Reply #1687 on:** January 25, 2019, 04:20:35 PM »

Quote from: zh cohen on January 25, 2019, 02:31:59 PM

Maybe their lawyer got involved and suggested that confessing publicly was not a good idea?

I am the one who posted and then deleted. I was torn between loshon horah and trying to warn people for the future. Bh I was not involved but know a few people who are deep in CC debt because of this.

Still not sure if I did the right thing posting it. In my opinion they should have done it in a way to make the chargebacks easy and then file bankruptcy.

aygart · « **Reply #1688 on:** January 26, 2019, 06:40:29 PM »

Quote from: EP123 on January 25, 2019, 04:20:35 PM

I am the one who posted and then deleted. I was torn between loshon horah and trying to warn people for the future. Bh I was not involved but know a few people who are deep in CC debt because of this.

Still not sure if I did the right thing posting it. In my opinion they should have done it in a way to make the chargebacks easy and then file bankruptcy.

I am not really sure where lashon hora comes into the picture here. Lo saamod so dam reyecho on the other hand......

chevron · « **Reply #1689 on:** January 26, 2019, 07:58:11 PM »

Well you have to look at Ponzi scheme, in general a criminal one is where you have a fraudulent business and keep borrowing to pay the earlier investor's.

Why didn't they just work out a deal with earlier investor's? They were worried about a take over?

While the business may not have been a Ponzi scheme, borrowing from A to pay B is a Ponzi act.

Moshe26 · « **Reply #1690 on:** January 28, 2019, 06:13:20 PM »

http://crownheights.info/crown-heights-news/631045/dozens-burned-in-swipes-for-points-scheme/?fbclid=IwAR1izq7OAVavnggu4YR-wc5z9Mwhd8oWn2E6cX9_cMbc9wL9skXALYyN1Rc

ExGingi · « **Reply #1691 on:** January 28, 2019, 06:29:11 PM »

Quote from: Moshe26 on January 28, 2019, 06:13:20 PM

http://crownheights.info/crown-heights-news/631045/dozens-burned-in-swipes-for-points-scheme/?fbclid=IwAR1izq7OAVavnggu4YR-wc5z9Mwhd8oWn2E6cX9_cMbc9wL9skXALYyN1Rc

I actually got a call from a friend yesterday who's BIL is one of the victims asking me if I know how deal with the banks.

mendyt · « **Reply #1692 on:** January 28, 2019, 06:45:11 PM »

And they already removed it

nobiggy · « **Reply #1693 on:** January 28, 2019, 08:17:40 PM »

Quote from: EP123 on January 25, 2019, 04:20:35 PM

I am the one who posted and then deleted. I was torn between loshon horah and trying to warn people for the future. Bh I was not involved but know a few people who are deep in CC debt because of this.

Still not sure if I did the right thing posting it. In my opinion they should have done it in a way to make the chargebacks easy and then file bankruptcy.

I think it should be posted everywhere and every person should know about as this is only one of dozens of people swiping cc's and it's about time people realize people get screwed.

sruly · « **Reply #1694 on:** January 28, 2019, 08:24:34 PM »

Quote from: mendyt on January 28, 2019, 06:45:11 PM

And they already removed it

https://twitter.com/CHInfoNews/status/1090039407325990912

cmey · « **Reply #1695 on:** January 28, 2019, 08:30:39 PM »

Quote from: nobiggy on January 28, 2019, 08:17:40 PM

I think it should be posted everywhere and every person should know about as this is only one of dozens of people swiping cc's and it's about time people realize people get screwed.

There’s an ad for a swiping service in the Lakewood daily paper today. We swipe your cards monthly and cut you a check for the points. Apparently the message is not getting out to those who need to hear it...

EP123 · « **Reply #1696 on:** January 28, 2019, 09:45:52 PM »

The most interesting thing that I learned is how easy it is to get people to give you millions on their cards...

churnbabychurn · « **Reply #1697 on:** January 28, 2019, 09:48:38 PM »

Where were they swiping the cards?

chevron · « **Reply #1698 on:** January 28, 2019, 11:20:40 PM »

I used a friend's cards in my business, 10+ year's ago. Needless to say, when things went wrong with biz, he was down a lot.

We paid him back in full including all interest. But it's really not some place I want to be again.

Has anyone thought of the bigger picture here? Why do people trust companies to pay their cards ?!? Why?!? Where is the legally binding contract that holds said company owners legally responsible and their house as eschrow?!

Besides for 100k in debt, that is what, $30k a year interest?

knowitall · « **Reply #1699 on:** January 28, 2019, 11:29:31 PM »

Quote from: chevron on January 28, 2019, 11:20:40 PM

I used a friend's cards in my business, 10+ year's ago. Needless to say, when things went wrong with biz, he was down a lot.

We paid him back in full including all interest. But it's really not some place I want to be again.

Has anyone thought of the bigger picture here? Why do people trust companies to pay their cards ?!? Why?!? Where is the legally binding contract that holds said company owners legally responsible and their house as eschrow?!

Besides for 100k in debt, that is what, $30k a year interest?

I'm not a Rav, but I had a similar situation where someone used my cards and incurred interest (and was willing to pay the interest) but my Rav said he can only pay me for what he swiped, not any interest. I'm saying this as a PSA, even when you trust each other 100%, watch out for interest cuz u can be on the hook for it.

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Author Topic: PSA: Don't swipe recklessly for others (Read 1199502 times)