Can you guess which profession in London is the most frequent victim of fraud? (Answer at the end of the article)
Most people think London, Ontario is a fairly sleepy conservative town with a well-respected university. What is not often discussed is the high rate of fraudulent schemes in our city that often go unreported.
One thing I remember from my time at the Crown Attorney’s office working on White Collar crime was how difficult it was to prosecute con-men who rip off our citizens. Often people are too embarrassed after they lose their money to even report the fraud.
The thing about con-artists and fraud schemes that you must remember is this… in order to be successful, they MUST be good. This means you likely won’t recognize them and you will believe it’s legit.
Here is a Few Examples of When Alarm Bells Should Go Off:
1.Friends or Family Approach You with a Deal of a Lifetime
Please remember this, almost all investment frauds like Ponzi Schemes are presented through friends and family. So when people tell me don’t worry I trust the person who brought the deal to me, I say that’s exactly my point. You assume it’s legit because someone you love presents it to you, you should be extra careful and not judge an opportunity by your friend’s enthusiasm.
2. The Claims for Profit are Higher Than What the Market Can Produce
Remember the smartest people in the world with the top computers are fighting 20 hours a day to make 15%. Do you really think a friend or family member is just lucky enough to have a secret plan where you can make 30-50% and all the smart people in the world have missed it and the “founder” just wants to give the average guy a chance to make money like the big boys… It’s a scam.
3.Often You Will be Asked to Front a Large Amount of Money
Something like 25K and then a month later you get your interest check of $2000 and this shows you how legit the deal is…. NOPE, in reality they just gave you back $2000 of your own money to convince you it’s legit so you go refinance your house and give them another 100K.
Here are a Couple Examples of Frauds Circulating Our Communities:
- Fake phone calls with call display showing numbers that you believe are trusted sources. You will often be asked to provide personal data or provide payment because a family member is in trouble. Always be suspicious of cell phone calls that ask you for money or information. Please tell your kids this as well.
- Gift Certificate Schemes, insurance schemes, top stock picks exclusive to you
- Warn Grandma and Grandpa about con-artists targeting them specifically with calls to help grandkids in trouble, they will troll social media accounts, get details about the grandkids life from Instagram (cars, kids, sports, trips) and then they will call the grandparent and use this information to convince the grandparents their grandkid is in trouble and to send money asap.
Kids are at risk as well, because they are lured to click on bots that may leave the software on their computers that can capture passwords and banking info. Regularly check all your electronic systems for malware.
And remember, if it sounds too good to be true…. It is. If you feel like you are being ripped off, at least call us first to do a little research before you remortgage your house.
Answer: Doctors are notorious victims of scams, perhaps because of their high intelligence they are over confident of their ability to spot a fraud… This makes them an easy mark. Also, people often fall for too good to be trues schemes because they need the money and so any professional who is behind on payments and is having trouble keeping up the lifestyle is a mark for a get rich quick scheme
It pays to consult a lawyer before you invest in a venture that seems too good to be true, contact us if you have any doubts. Choose Millars Law When You Can’t Afford to Lose.
(519) 657-1LAW or email@example.com
By: Phillip Millar