Scam Alert Sungames

[Dan]

It's not the lack of education. 

How many doctors, lawyers, and accountants do you think are invested in this?

[wayfe]

How many doctors, lawyers, and accountants do you think are invested in this?

Hey, the smart ones who bought the stocks and shorted them in time!

[aygart]

How many doctors, lawyers, and accountants do you think are invested in this?

how many of them invested in Madoff?

[wayfe]

how many of them invested in Madoff?

Madoff was a well known, reputable name at that time

[wayfe]

But then what do you do when the rov of your shul is the one pushing a scam? (As is also happening in this case) Aren't the congregants supposed to trust him?

It's simply educating people to be honest, straight, and teach them what it means to have a work ethic, don't look for the sleazy quick buck, make an honest living. People who have these solid values don't invest in this type of scam.

I think a lot of problems would be solved if just the Rabbonim got some solid secular education.

[Emkay]

How many doctors, lawyers, and accountants do you think are invested in this?

They are usually not involved in these schemes ever since they are living check to check, and the notion of making a possibly quick dollar on shady businesses is not as tantalizing

[Dan]

They are usually not involved in these schemes ever since they are living check to check, and the notion of making a possibly quick dollar on shady businesses is not as tantalizing

More reason for people to get some education...

[Menachem613]

More reason for people to get some education...

The OP was referring to *financial* education, as if the lack thereof was the cause.

[aygart]

Madoff was a well known, reputable name at that time

and Dwek, Shick, Weinstein, Rothstein, etc.

[avrumy22]

It only counts if you're a really expensive lawyer.

Paging AJK.

[wayfe]

and Dwek, Shick, Weinstein, Rothstein, etc.

I actually don't know those names. But Madoff was a NASDAQ chairman, so it's a lot more understandable if doctors and lawyers invested in him.

[aygart]

Let's just say they were ponzis which had many professionals and successful businessmen invested in them.

[stbaum]

from tumblr


original link

[ariIs]

More reason for people to get some education...

While I agree that the lack of secular education is a problem in the NY frum community, I don't think that the propensity to fall for these scams is because of it.

People have little exposure to the secular world, and have ingrained in them trust of other frum ppl. Not a bad thing in itself, but scams like these appear clearly as scams only to someone who has been exposed to similar stuff before.
If someone never saw one of those 'you've won $1m!!!' Letters in the mail, I would excuse them for believing it was real at first.
Financial education might help, but I think the only thing that will really help is less isolation from the outside world.

Just my 2c.

[EP123]

From all scams why are we singling out sungames? There are so many scams out there why attack this one

[avremie]

There needs to be basic financial education in frum communities (even the ones that avoid limudei chol) it's not just MLM scams its also ponzi schemes and building projects in Israel etc. So many people are at risk at losing everything because my friend looked into it or "he's frum" .....

I feel my words have been distorted

[NYHeel]

It's not the lack of education.

Actually I think that's exactly what it is. You have a group of intelligent people who are grossly undereducated relative to their intelligence levels making very poor financial decisions because they don't truly understand what's being done and how the financial world works. Sure there's a component of gullibility and putting too much trust in someone because he's frum, but for the most part they're not picking up on the obvious red flags because they have no experience and education in finance, math or even history. Some knowledge in these areas would help one discern obvious red flags.

There will always be scammers and suckers and sometimes even educated smart businessmen fall prey, but something this obvious should have screamed scam to anyone who heard it.

[Moshe123]

Wonderful voicemail.
Post it to the main site.

[avrumy22]

Wonderful voicemail.
Post it to the main site.

[aradisc]

That voicemail is unreal. Definitely should be posted to the main site, with perhaps obscuring the caller's name.