http://www.spokesman.com/stories/2011/sep/25/alleged-ponzi-scheme-leaves-lives-shattered/?prefetch=1
Funny how many of the dubs didn't want their names mentioned in the article. LOL
Ponzi scheme - 75% of investors were Dubs....
by RagingBull 24 Replies latest watchtower scandals
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JRK
JW's seem to be suckers for "get rich quick" schemes.
JK
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dozy
Ouch - some guys were really fleeced. Especially those who "served there the need was greater" & invested their retirement income. Oh well - "Jehovah will always provide for those who put kingdom interests first." - NOT.
Sadly JWs are very often incredibly naive when it comes to financial matters , especially involving other JWs. They always seem to be suckers for the latest pyramid scheme , whether it is so-called health products , cleaning materials or similar. Maybe it is because they tend to be trusting of other JWs , especially elders , Bethelites or COs , or maybe the fact that they have already fallen for a pyramid scheme where all the financial and other benefits accrue to the leadership (AKA the WTBTS) means they are vulnerable to being exploited in the same manner.
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Giordano
There is an intense reaction that witnesses, in general, have for more succesful witnesses. Probably because it helps them validate their beliefs .Unfortunately it also makes them easy targets.
I can remember to this day my mother literally glowing with pleasure about how wonderful this brother or that brother was. She was not refering to a simple pioneer or elder but to someone who was rich and/or well educated. People like that proved that she was in the right religion.
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ShirleyW
I read that article, noticed that the "leader of the pack" so to speak wasn't a witness, so interesting that Jdubs would give up their money to an evil, worldly person. Another interesting thing is one the Jdubs who got ripped off was a Bro who was a missionary, How the heck does a missionary get enough money to make donation to such a money scheme? We always heard of missionaries who barely had enough food and, lo and behold, one morning a basket of food would appear on their doorstep!
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GLTirebiter
With the average investor losing $200,000 it's clear they weren't targeting minimum-wage pioneers with this scam.
"The claw-back lawsuits filed in U.S. Bankruptcy Court ... have drawn the ire of people who say they have had their retirement nest eggs zeroed out and college savings for children erased."
I wonder if the author appreciates the irony? Good Witnesses don't have retirement nest eggs because "the end is so near", nor do they send their kids to college because "they will have no chance to pursue a career in this system of things".
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rebel8
w/ that big one in NY that happened a few yrs ago...one of the perps was a dub too.
I started a thread about it--check my old threads for details if you're interested.
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St George of England
A fool and his money are soon parted.
George
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jay88
I guess that leaves one more ponzi scheme to rid themselves of.
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Sapphy
Guarenteed return of 40% per year? Who on earth would believe that?!