Saturday, August 23, 2014
Inquirer Daily News

A get-scammed-quick opportunity?

DEAR HARRY: I'm an octogenarian, and I still have my wits about me even though I'm not as sharp as I once was. I live in a retirement community where we are plagued with "get rich quick" schemes. They all seem phony to me, and I have the reputation of being a naysayer - and a pretty vocal one, at that.

Our current offering is a "guaranteed" return of 1.1 percent per day on investments of $100 minimum. One of our widows invested $1,000 two months ago and is reinvesting her returns. Her statement says it's worth $1,022.10. Many others are climbing aboard, some for larger sums. I'm still the skeptic. The ad says that the company is Payday Loan Corp. of North America, and a $100 investment will be worth $102,000 in a year. Am I right to shout "no"?

WHAT HARRY SAYS: I would not touch this with a 10-foot pole! That money she's "earning" is a sham probably given to her to entice others at your facility. Older people are victims of schemes, scams and flimflams far more often than younger ones. They are targeted by the thieves because they are more vulnerable.

Voices like yours can be a great help. In the case you cited, just point out that in one year, your friend's $1,000 investment would be worth $542,222, a staggering return that they can't produce. If your voice isn't loud enough, I'll get you a megaphone.

 


Email Harry Gross at harrygrossDN@gmail.com, or

write to him at Daily News, 801 Market St., Philadelphia, PA 19107.

Harry urges all his readers to give blood. Contact the American Red Cross at 800-Red Cross.

Harry Gross Daily News Personal Finance Columnist
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