This one takes the cake as far as Ponzi schemes go.
"I have a great investment for you. We loan money to California Alcohol Licensees who need funds to apply for a California Liquor License. When they get the license, then they will pay you back at a rate of 12% interest once they open their liquor store."
Well, I do not know for sure what the sales pitch was, but I do know that $300,000,000 was stolen from investors who fell for this. Think of it. Investors actually put $300,000,000 into this so called "investment." THREE HUNDRED MILLION DOLLARS OF STUPIDITY!
Are we this dumb and stupid America? Or, is this just the result of pure unadulterated greed?
Readers of my book, Meet Wally Street. The Reason You're Stupid, 2nd edition (aptly named in this case) know full well that Ponzi schemers sell investments that are unregulated and do not exist. If these "investors" had read my book, then they would have never invested in this "investment." The problem is that I'm just a little peon in the grand scheme of things. Nobody knows who I am nationally, therefore most Americans miss out on some valuable Ponzi scheme protection for only $19.95. My 2nd edition book is available most everywhere, like Apple Books, Amazon, Barnes & Noble and others.
"Well, gee Rick. You are nothing but a self-promoter hawking your book." If you think that, then you are stupider than I thought. The choice is to lose your money to a Ponzi scheme, or buy my book for $19.95. Duh! I would venture to guess that everyone who loses their money to a Ponzi scheme, loses a whole lot more than $19.95. Yes, I called you stupid, because you are stupid, if you are one of the ones that invested in this California Alcohol Licensee scam. In fact, this one has to be at the top of the stupidity list. I'm not worried about missing out on you people as a client, since you proved to me your stupidity. I like smart clients who take my fiduciary advice.
Of course, the U.S. Securities and Exchange Commission is on the case and working to get your money back. Who knows how long this will take? Further, who knows how much of your original "investment" you will get back, if any? You can read all about it here: https://www.sec.gov/news/press-release/2019-168
What if you could find a fiduciary who did not want you to open a new account or transfer your assets to their firm? You're looking at him. No risk of a Ponzi scheme from me either, since I do not make you open or transfer accounts before getting a Financial Plan. This is the Future of Advice, in case you did not know.
https://www.firstcoastplanning.com
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