900% return guaranteed... Jesus! How stupid can people be??

[viper37]

Tell me again how far along the scale of human intelligence development are we here?

I'm always amazed how people supposedly educated will believe in such stupid things.
I can not find any english links about the "suspected" (yeah right!) fraud, since it's pretty low scale compared to past frauds, the AMF talks of about 8 million$ by many investors.

So, it's about a supposed movie:
The Lovaganza convoy
Two producers are touring red carpet events in Quebec asking funding for the production of a triple trilogy (yes, 3x 3 movies) about a journalist that infiltrating a convoy of people who pretend to have found the secret to hapiness.

So here are the french links about the alleged fraud, you'll have to use Google Translate, sorry.
http://affaires.lapresse.ca/economie/201406/05/01-4773032-lovaganza-investir-pour-la-paix-a-vos-risques.php
http://www.conseiller.ca/nouvelles/des-centaines-dinvestisseurs-quebecois-probablement-floues-55865

They claim to be linked with major studios, Steven Spielberg and some other famous people like David Bowie.
A simple web search on IMDB ( http://www.imdb.com/title/tt3158760/?ref_=fn_al_tt_1 ) would reveal you how much crap that is.  All you see there are the names of the two producers and a bunch of unknown actors.

Really?  You lost me at the 900% part, but let's say I'm dumb enough to believe that, I keep on listening to you.
3 times 3 movies.  Star Wars did not even get that treatment, but some unknown franchise is going to get it?  Ok, I'm still listening.
"All our profits will go to a charitable foundation with the goal of promoting peace everywhere in the world, most notably the biggest human chain in the world".

So, I was dumb enough to believe that 900% ROI crap.  I'm still dumb enough to believe your triple trilogy contract you're poised to sign.  I'm naive enough to think Spielberg would be attached to such a project and keep it quiet in the medias.  And then you tell met that on top of that 900% ROI, there would be profits used to form a human chain and somehow that will help people dying in the Middle East and Africa??

We have Darwin awards for the morons who kill themselves in the most stupid way, but I think we should have something for those morons that let themselves be plucked like that.  I'm not even sure the government should attempt to retrieve part of their money.  If any money is seized from the criminals, it should be given to a real charity and the victims forced to play in the next Dumb&Dumber.

You know the worst part?  This kind of stuff ain't unusual.  A very good friend of mine got had with such a scheme.  I wanted to hit him on the head.  Repeatedly.  When he told me his g/f convinced him of investing, I nearly told him to broke it off before he had another kid with her.

[mongers]

Greed conquers all.   

[grumbler]

Viper, I don't think these investors really believe that the 900% guarantee is true.  They understand that the seller will be over-enthusiastic, and will understand that they are really only signing up for guaranteed returns of about 500%.

[DGuller]

The key behind all such swindles is to make the person think emotionally rather than intellectually.  Once you hit that switch, they're yours.  Some people's switch is more exposed than others'.

My guess is that the main motivation behind getting in on such investment is intellectual insecurity. You want to be that person who was prudent enough to find a golden investment or a golden deal.  You want to be that unconventional thinker who saw returns where others saw risk or fraud.  You don't get to enjoy this feeling by investing in a Vanguard index fund.

[viper37]

My guess is that the main motivation behind getting in on such investment is intellectual insecurity. You want to be that person who was prudent enough to find a golden investment or a golden deal.  You want to be that unconventional thinker who saw returns where others saw risk or fraud.  You don't get to enjoy this feeling by investing in a Vanguard index fund.

I guess that's the part escaping me.  I've seen both ends of the spectrum, people refusing any kind of risks and being happy with returns lower than inflation and people losing all sense of reality when you push them some kind of "extraordinary" deal like that.
There's no free launch on the market is something that should be taught to everyone from the youngest age

[Martinus]

Viper, I don't think these investors really believe that the 900% guarantee is true.  They understand that the seller will be over-enthusiastic, and will understand that they are really only signing up for guaranteed returns of about 500%.

grumbler's response touches on a broader subject for me - that in the Western world we have effectively abandoned the idea of lying being shameful - everybody is expected to lie (even encouraged to lie - much of the modern education is spent not on learning a skill, but on "marketing your brand"; jobs in sales or marketing are considered respectable etc.) and so everybody also is expected to act as if everybody else is lying. I wonder what kind of long term toll this takes on our civilization.

[Martinus]

There's no free launch on the market is something that should be taught to everyone from the youngest age

Instead, unfortunately, modern education has moved from teaching you that hard work and expertise pays off, to teaching how to "market yourself" and "build your own brand" - i.e. how to cheat others into preferring you over other, possibly more skilled and talented candidates. This is a sad word we live in.

[Josquius]

With Internet scammers at least the early information  is usually purposefully bad- highly unbelievable and unprofessionally presented. That way they ensure only the truly stupid reply to them and they don't waste their time with people who will bail.
Something similar at work?

[Martinus]

I think we should make lying a criminal offence.

[Syt]

"All our profits will go to a charitable foundation with the goal of promoting peace everywhere in the world, most notably the biggest human chain in the world".

[garbon]

I think we should make lying a criminal offence.

Won't that put lawyers first up on the chopping block? Well maybe after politicians.

[The Brain]

Viper, I don't think these investors really believe that the 900% guarantee is true.  They understand that the seller will be over-enthusiastic, and will understand that they are really only signing up for guaranteed returns of about 500%.

grumbler's response touches on a broader subject for me - that in the Western world we have effectively abandoned the idea of lying being shameful - everybody is expected to lie (even encouraged to lie - much of the modern education is spent not on learning a skill, but on "marketing your brand"; jobs in sales or marketing are considered respectable etc.) and so everybody also is expected to act as if everybody else is lying. I wonder what kind of long term toll this takes on our civilization.

[Martinus]

I think we should make lying a criminal offence.

Won't that put lawyers first up on the chopping block? Well maybe after politicians.

Litigation lawyers? Definitely. I wouldnt mind, too.

[grumbler]

grumbler's response touches on a broader subject for me - that in the Western world we have effectively abandoned the idea of lying being shameful - everybody is expected to lie (even encouraged to lie - much of the modern education is spent not on learning a skill, but on "marketing your brand"; jobs in sales or marketing are considered respectable etc.) and so everybody also is expected to act as if everybody else is lying. I wonder what kind of long term toll this takes on our civilization.

My comments weren't intended to be taken seriously.  I don't think that the rest of us in the Western world have abandoned the concept that lying is shameful, nor do i regard sales and marketing to be recent phenomena, nor different from what they pretty much always have been.

[The Minsky Moment]

I think we should make lying a criminal offence.

Won't that put lawyers first up on the chopping block? Well maybe after politicians.

Litigation lawyers? Definitely. I wouldnt mind, too.

Then no one will be left to clean up your messes.