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Old 13.04.2012, 11:25
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Man left in poverty after losing 800k to fraudsters

Warning after man lost 800k to fraudsters
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A woman whose father lost 800,000 to fraudsters is urging other people to be aware of telephone scams.
Alfred Mason, from Ormskirk in west Lancashire, was targeted by scammers over a 10-year period, claiming they were offering him investment deals.
The 83-year-old could not afford to heat his home in the months before he died and sat in his car to keep warm...

Mr Rapley, who died last year, received a call from someone offering him the chance to invest in a property deal with excellent returns.
He then started to get calls from other hoax companies, which had professional looking websites and glossy brochures...
Fake Britain Series 2 - Episode 12

Died in squalor after being hustled out of his 800,000 fortune
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Millionaire retired advertising executive Derek Voysey, 63, and three associates cold-called ... victims with the false promise of a property portfolio...
"They always sounded so nice, charming and totally plausible."
Dozens conned
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Det Ch Insp Matthew Bradford, of City of London Police...It was a "boiler-room" scam, he added, which meant it was carried out by "an organised crime group who use pressurised selling techniques to cold-call victims to try and get them to part with funds".

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Old 13.04.2012, 11:46
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Re: Man left in poverty after losing 800k to fraudsters

a fool and his money..........
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Old 13.04.2012, 11:58
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Re: Man left in poverty after losing 800k to fraudsters

I wonder how could you be smart enough to make such amount of money and still be so fool to give it away to a scam scheme.....
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Old 13.04.2012, 12:07
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Re: Man left in poverty after losing 800k to fraudsters

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I wonder how could you be smart enough to make such amount of money and still be so fool to give it away to a scam scheme.....
how many of us have money in banks, funds, investments. how many did any real due diligence on that institution...
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Old 13.04.2012, 12:07
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Re: Man left in poverty after losing 800k to fraudsters

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I wonder how could you be smart enough to make such amount of money and still be so fool to give it away to a scam scheme.....
They don't hang up on cold callers. They listen to those who approach them with investment deals.

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Anyone could be a victim of investment fraud
You don't have to be rich -- or gullible -- to get conned. Many victims are professionals, college educated, financially knowledgeable and willing to take risks, like Steve. Hear his story
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Old 13.04.2012, 12:18
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Re: Man left in poverty after losing 800k to fraudsters

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how many of us have money in banks, funds, investments. how many did any real due diligence on that institution...
I only invest through banks, e.g. CS, so I don't particularly feel I need to do due diligence. The returns my be smaller, but the usual maxim of if it is too good to be true... etc. applies here.

Sad story, but by all accounts, he should have known better.
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Old 13.04.2012, 12:22
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Re: Man left in poverty after losing 800k to fraudsters

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I wonder how could you be smart enough to make such amount of money and still be so fool to give it away to a scam scheme.....
Oh come on! Have a heart!

He was already well into old age by the time he first got scammed. Who knows, maybe, just maybe, he was not in full control of all his mental faculties by then?

How often do we read and hear about crooks and fraudsters preying on the elderly. It's precisely because they are often vulnerable and easier to deceive.

My first reaction was why on earth didn't his family step in and do something in all that time. Then I got to remembering from direct experience just how stubborn and proud elderly people can be, making it almost impossible some times to step in and help them until it's way too late...

May he R.I.P...
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Old 13.04.2012, 12:27
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Re: Man left in poverty after losing 800k to fraudsters

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I wonder how could you be smart enough to make such amount of money and still be so fool to give it away to a scam scheme.....
That's very patronising actually.

You seem to forget that there are many older folk who simply do not have any understanding about the internet & the complexity & slickness of some of the scams that exist today in the way that we do. It's not their fault.
Many come from an era where people more readily took others at their word.
My Father's aunt who was an Oxford educated diplomat & who served around the world from the 1940's to the early 80's - in other words a pretty smart cookie - was fleeced (a couple of yrs before she died at 92) of 15k by a phone & letter scam that was pretty convincing at 1st glance even to my Father & I.

It's very sad.
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Old 13.04.2012, 12:31
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Re: Man left in poverty after losing 800k to fraudsters

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That's very patronising actually.

You seem to forget that there are many older folk who simply do not have any understanding about the internet & the complexity & slickness of some of the scams that exist today in the way that we do.
It has nothing to do with the Internet. Since time immemorial, people have known that they shouldn't simply give their money away to anyone who comes asking for it.

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It's not their fault.
Of course it is. Scammers should go to jail for it, but it's not like the victim was under fear for his life or something - he simply made a very poor choice in trusting someone he didn't know.
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Old 13.04.2012, 12:33
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Re: Man left in poverty after losing 800k to fraudsters

I think one of the reasons "old people" are prone to fall prey to such scams is pretty clear. I have no idea about the man in the original post, but many older people are lonely, and feel cut off from the world.

To suddenly be a part of something, to be asked to be a part of something, and jeez, just to get some phone calls and talk to someone- I bet even the sharpest old tacks can put aside reason in the face of loneliness.
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Old 13.04.2012, 12:38
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Re: Man left in poverty after losing 800k to fraudsters

Thinking you're too smart to be conned also makes you vulnerable.

A couple of non-pensioner victims:

Duped by fraudsters (video)
"I would consider myself to be quite prudent with my spending when it comes to investment...So if I can be caught out, I am sure there are a lot of other vulnerable people that can be caught out".
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Old 13.04.2012, 12:41
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Re: Man left in poverty after losing 800k to fraudsters

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Of course it is. Scammers should go to jail for it, but it's not like the victim was under fear for his life or something - he simply made a very poor choice in trusting someone he didn't know.
Right, so it's fine to call them fools? OK, glad we've got that sorted out.

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Old 13.04.2012, 12:47
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Re: Man left in poverty after losing 800k to fraudsters

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Oh come on! Have a heart!

He was already well into old age by the time he first got scammed. Who knows, maybe, just maybe, he was not in full control of all his mental faculties by then?

How often do we read and hear about crooks and fraudsters preying on the elderly. It's precisely because they are often vulnerable and easier to deceive.

My first reaction was why on earth didn't his family step in and do something in all that time. Then I got to remembering from direct experience just how stubborn and proud elderly people can be, making it almost impossible some times to step in and help them until it's way too late...

May he R.I.P...

Yep, that is a very fair point. I obviously don't know his situation and jumped into conclusions (sadly, often on me!). I just made the analogy with my relatives of similar age and seeing them being not cheap, but very careful with their money matters (now only my mom, as my father died years ago) that it would be very challenging to cheat her... but yes, many people are anxious to hear others on how can they make -better- investments.
I hope I can always remember my father's advice, on if it is too good to be true....
I am also amazed to see the family not stepping in for this case, but once again jumping into conclusions from my end! And certainly shouldn't have called him a fool.
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Old 13.04.2012, 12:54
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Re: Man left in poverty after losing 800k to fraudsters

Why the family did not step in:
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His daughter, Lorna Rapley, 59, of Grantham in Lincolnshire, did not know about the scams until after his death.
How many people can honestly say that they know what their friends/relatives are doing with their money? It's a private matter that an individual may not disclose to anyone other than a financial expert, which is why scammers pose as financial experts.
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Old 13.04.2012, 13:11
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Re: Man left in poverty after losing 800k to fraudsters

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I only invest through banks, e.g. CS, so I don't particularly feel I need to do due diligence. The returns my be smaller, but the usual maxim of if it is too good to be true... etc. applies here.
Sadly, that was probably also the thinking of the UK Councillors who invested in Landisbanki and the other Icelandic banks.
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Old 13.04.2012, 13:20
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Re: Man left in poverty after losing 800k to fraudsters

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Sadly, that was probably also the thinking of the UK Councillors who invested in Landisbanki and the other Icelandic banks.
Your comparison isn't valid: I don't think you can equate a scam with the collapse of national banks through global economic meltdown. No amount of due diligence would have spotted that one.

We have other investments with an off-shore agents, but these have insurance against collapse/fraud and are registered with the FSA (we've checked this claim).
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Old 13.04.2012, 13:34
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Re: Man left in poverty after losing 800k to fraudsters

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We have other investments with an off-shore agents, but these have insurance against collapse/fraud and are registered with the FSA (we've checked this claim).
You've checked that it's not just their UK onshore branch that's registered with the FSA and that the FSA will cover you for the offshore investment?
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Old 13.04.2012, 13:39
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Re: Man left in poverty after losing 800k to fraudsters

Financial institutions were conned by Bernie Madoff (including HSBC apparently), as well as charitable organizations and many, many wealthy individuals. If you think it couldn't happen to you, then who is the fool?

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Old 13.04.2012, 13:45
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Re: Man left in poverty after losing 800k to fraudsters

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Financial institutions were conned by Bernie Madoff (including HSBC apparently), as well as charitable organizations and many, many wealthy individuals. If you think it couldn't happen to you, then whose the fool?
Agree. Anyone can be conned. And if you think you can't then you are simply naive/ignorant.
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Old 13.04.2012, 13:47
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Re: Man left in poverty after losing 800k to fraudsters

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I only invest through banks, e.g. CS, so I don't particularly feel I need to do due diligence. The returns my be smaller, but the usual maxim of if it is too good to be true... etc. applies here.
Question 1:

Oh dear some of you have very short memories... maybe you can remember this company, the fourth largest in the USA! http://en.wikipedia.org/wiki/Lehman_Brothers

and it was recommended right up to the end by... yes Credit Suisse!
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