When did I say that?
What I said was:
Everyone should definitely be aware of the swipe for points risks. I'm 100% for that.
DDF is not a courtroom to warrant knowing all of the details and facts in the case. Nor is it acceptable to voyeuristicly want to know all the juicy gossip about the pain that others are going through. On the other hand, the more details that are known, the more real the story becomes to others, and therefore the more effective a deterrent it becomes to others who are about to do the same.
I think that enough of the story has been told here to raise awareness of the risks of credit card swiping as well as the risks of putting your nest egg with a couple of well meaning guys who can boast of amazing profits on a line of product, but who’s lack of accurate financials is telling a very different story than what is really taking place.
However, DDF has a limited readership, and is probably underrepresented by those who need to here it most; people with limited financial literacy and sometimes limited online access. It seems clear that the principles involved are well meaning people who got it over their heads to something they might not even fully have understood. I’m sure they would want to educate others to avoid what they are going through. If the parties that are involved can get out a story that is detailed enough to make it real without sacrificing the interests of all involved, in a form that can be disseminated more widely they would be doing the public a great service.
In just that past few weeks I was approached by someone for advice on how to connect to guys at BMG to apply/ swipe credit cards to fund the operations of a (non- Amazon type) business that seems to have a fairly decent track record and business plan. I sent him the link to this thread and told him it’s not a good idea. He’s a great guy, and they business he was looking to be an intermediary for seemed sound but I’m sure some of the others that people lost everything on did as well.