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The transfer didn’t happen. Juan didn’t show, Zavala didn’t return calls, and Kathy and Jim Machir discovered that their nest egg was gone. When the Machirs and other San Miguel expatriates met with Monex officials in early January, the bankers told some of them that about $40 million was missing from as many as 158 accounts, many belonging to English-speaking Americans.
Quote:
Kenneth Karger, a retired dentist in Fort Worth with property in Mexico, says Monex owes him about $400,000. He stopped getting full statements after June, as did the Machirs. Karger says Zavala told him Monex was changing to a new online banking system and sent emails showing a plausible balance. Later, Karger went through statements he retrieved from Monex and found unauthorized withdrawals and wire transfers.
If you're going to expat leave your life savings in USA, the promises of high returns in foreign accounts just aren't worth the risk.
Well that's a righteous non sequitur you've run with.
They didn't have to move their life savings to this Mexican bank to retire in San Mig, they did it because they were suckers chasing promises of high returns.
Lol, a kindergarten level of security for millions of dollars. Seems legit.
I liked the guy at the end that got his money back plus $50,000 too much. When they asked for it back, he told them to “shove it”. Ok then. I guess it’s ok for him to steal too..
Lol, a kindergarten level of security for millions of dollars. Seems legit.
I liked the guy at the end that got his money back plus $50,000 too much. When they asked for it back, he told them to “shove it”. Ok then. I guess it’s ok for him to steal too..
Well there’s a bit of a contradiction in that part of the story because he said he got his 250k back which would imply it was his and the bank claimed they overpaid. Nothing there would prove he stole anything
Before you all get so smug and high and mighty, I'll remind you of two words.
Bernie Madoff.
Well, it's sort of the same phenomenon.
Either you believe that it's possible to get high returns with no risk or volatility, in which case you're naive.
Or, like many of Madoff's investors, you're smart enough to know it's not possible but figure you're getting a high return because someone else is being ripped off. Then it's greed.
Well that's a righteous non sequitur you've run with.
They didn't have to move their life savings to this Mexican bank to retire in San Mig, they did it because they were suckers chasing promises of high returns.
This story reminds me of my SIL in France, she exchanged her dollars in the black market, she got higher rate, but somebody must have followed her to Gallery Lafayette, she was wiped out, as in all stolen. Pennywise, pound foolish kind of people.
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