At a recent Christmas gathering I was speaking with a close friend who said, “You were right about that investment Jason. It turned out to be fraudulent.” Sometimes I hate being right, and this was one of those occasions. Let me share with you what happened.
Several years ago this friend, who is retired, told me they were considering a high-yield investment. This particular investment paid a much higher interest rate than was typically found at banks or was being offered by high-quality bonds or dividend-paying stocks.
Apparently, they had a relationship with a past business associate who had told them about this so-called “investment opportunity” and because of that existing relationship, they had a high degree of trust and confidence that the investment was a good one. read more »