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Old 10-28-2010, 11:12 AM
 
Location: Washington, DC area
11,108 posts, read 23,892,595 times
Reputation: 6438

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Why people think they will get away things like this is beyond my comprehension, especially when you have a personally that is going to eventually raise some red flags.

I can't believe I just read this. The more I read, the more I couldn't stop. It's long, but interesting to say the least. And who just hands over money to people like this?

Check it out:

http://media.kansascity.com/smedia/2010/10/22/22/Affidavit.source.prod_affiliate.81.pdf (broken link)

Here is a summed up article in the star, but the affidavit is far more detailed and interesting.

http://www.kansascity.com/2010/10/27/2362559/petro-america-ceo-charged.html (broken link)
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Old 10-28-2010, 12:10 PM
 
Location: Old Hyde Park, Kansas City,MO
1,145 posts, read 2,465,079 times
Reputation: 593
Not sure if he is stupid, i would say he is a genious being able to dupe a bunch of people into buying shares into a fake company. i think read somewhere that he told people the company was worth 300 billion dollars, which would make it the 2nd largest company in the world.
I would say the people who bought the shares were dumb.
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Old 10-28-2010, 12:11 PM
 
Location: Old Hyde Park, Kansas City,MO
1,145 posts, read 2,465,079 times
Reputation: 593
Look at all the churches that make millions, Religion is a 4 billion dollar a year business, there must be a lot of dumb people out there willing to just fork over a bunch of money.
The problem is people cannot think for themselves anymore.
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Old 10-28-2010, 12:19 PM
 
Location: Washington, DC area
11,108 posts, read 23,892,595 times
Reputation: 6438
Yea, I guess you are right. The people that bought the shares are the stupid ones. But you gotta know that if you going to pull something like this that you will be caught.
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Old 10-28-2010, 12:28 PM
 
Location: Old Hyde Park, Kansas City,MO
1,145 posts, read 2,465,079 times
Reputation: 593
I think all penny stocks/Pink Sheet stocks should be banned, i bet over half of the stocks on the pink sheet listings are scams like this.
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Old 10-28-2010, 05:10 PM
 
822 posts, read 2,047,277 times
Reputation: 401
Ah, crime....the final frontier.

I love a good flim-flam man. Started in 2007, worth $284 billion today--that's quite a growth rate. Think you would have read about him somewhere, like maybe Forbes, Fortune, or Money magazines? Or on the evening news?

That anyone gave him one thin dime is beyond my comprehension. I don't feel sorry for them. Greed got them, not this guy.
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Old 10-29-2010, 07:47 AM
 
Location: Tower Grove East, St. Louis, MO
12,063 posts, read 31,628,883 times
Reputation: 3799
^Greed and stupidity is a dangerous mix. For those victims I feel confident it was a little of both.
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