'Guaranteed 12% return' on investment

Beenie

OMG! Reaper, the thread you pointed me to mentions this bloke by name. It sent shivers down my spine.....

ColdIron

Beenie wrote: »

their income puts them into the so-called 'elite class of investor' who doesn't need protecting by the FCA rules.

I hate this smiley but just this once ...
:rotfl::rotfl::rotfl::rotfl::rotfl:

jimjames

Beenie wrote: »

They aren't stupid - that's the worrying thing. They have in the past run successful businesses themselves, and their income puts them into the so-called 'elite class of investor' who doesn't need protecting by the FCA rules.

Why are they not looking at mainstream regulated investments? There are plenty of risk levels to suit almost anyone. There may not be a guaranteed return but that's fiction for these investment scams anyway

masonic

Beenie wrote: »

They aren't stupid - that's the worrying thing. They have in the past run successful businesses themselves, and their income puts them into the so-called 'elite class of investor' who doesn't need protecting by the FCA rules.

There is also a lot of snobbery (I think) where the bumf talks about the 1% successful types, the politics of envy, and don't let the government tell you where to invest your money. It's playing to people's ego and self-importance.

Why they can't see through this is an enduring mystery to me.

Then let them make their own mistakes.

HappyHarry

ColdIron wrote: »

I think your friends should give their head a wobble, did they read the disclaimer?

• Elite Investor Club is a trading name of Elite Investor Club Group Limited. Elite Investor Club Group Limited, its directors and staff are NOT licensed, qualified or authorised to give investment or tax advice
• The investments that we show are unregulated and therefore not covered by the Financial Services Compensation Scheme (that covers up to £75,000 in a High Street bank).
• Unregulated investments are not covered by the Financial Ombudsman scheme so you will not have redress there if anything goes wrong
• Because we are not licensed, we are not able to obtain professional indemnity insurance cover so there is no policy you can claim against

https://www.eliteinvestorclub.com/disclaimer-and-risk-warning/

Wow. Just wow.

The bit before those warnings is an eye opener.

There are saying "give us your money, it'll make you feel important, but you'll never see it again, and you've no comeback. At all."

If Beenie's friends are feeling so wealthy, then they should pay for a top-end chartered financial planner. Surely there's more bragging rights in that, than there is in risking being taken as a wealthy idiot?

Maybe I'm just biased.

Aretnap

Beenie wrote: »

They aren't stupid - that's the worrying thing. They have in the past run successful businesses themselves, and their income puts them into the so-called 'elite class of investor' who doesn't need protecting by the FCA rules.

There is also a lot of snobbery (I think) where the bumf talks about the 1% successful types, the politics of envy, and don't let the government tell you where to invest your money. It's playing to people's ego and self-importance.

Why they can't see through this is an enduring mystery to me.

Loads of brains and no sense, as my dad would say. Unfortunately being successful and knowledgeable in one field is no guarantee of expertise in any other field. I know dozens of people with PhDs in science - at least one thinks that Diana was murdered and that 9/11 was an inside job... and many more are totally clueless about all things financial.

I think you're right that playing to people's egos is a fruitful way of selling dubious investments to the wealthy but naive. You:re an important person... you're allowed these special investments which aren't available to the proles... and that website obviously plays on those themes. It's also clearly aimed at people with a 'golf club bore' level of understanding of finance, what with references to "governments printing money like it's going out of fashion" and so on.

Ultimately if your friend are determined to lose their money on dodgy unregulated investments there's only a finite amount that you can do to stop them. If their money has come from high incomes, rather than a one off windfall, then at least they'll be able to make it back once they've (hopefully) learned their lesson.. But you could perhaps point out that a broad stock market index fund is apparently good enough for Warren Buffet's heirs and their tends of billions, so it really ought to be good enough for them as well.

https://www.google.com/amp/s/www.cnbc.com/amp/2019/02/26/warren-buffett-wants-90-percent-of-his-estate-invested-in-index-funds.html

JohnRo

Aretnap wrote: »

Loads of brains and no sense, as my dad would say. Unfortunately being successful and knowledgeable in one field is no guarantee of expertise in any other field.

Reminds me of the recent 24 hours in police custody program, the one with the bankrupt surgeon from an incredibly wealthy family, caught committing fraud.

Ostentatious arrogance displacing any common sense that might ever have once existed.

Just came away from watching that thinking how can anyone so capable be so utterly stupid.

DrSyn

1. If your friends are such high net worth people, why don't they go to see three different IFA's that are registered with the FCA.That way they can see what three qualified IFA's think of the idea?

2. Have they even bothered to read through information on the following website?

https://www.citizensadvice.org.uk/debt-and-money/getting-financial-advice/#h-getting-financial-advice

Aretnap

HappyHarry wrote: »

Wow. Just wow.

The bit before those warnings is an eye opener.

There are saying "give us your money, it'll make you feel important, but you'll never see it again, and you've no comeback. At all."

Good lord. And the bit after it is great as well. Cape Verde hotels. Care home suites. Unlisted loan notes. It's almost like an A to Z of investment scams. The only things that are missing are carbon credits and rare earth metals.

Alexland

HappyHarry wrote: »

Wow. Just wow.

The worrying thing is this fella has nearly 9000 YouTube subscribers mixing up obscure high risk investments with a more general video investment magazine format and managed to get 30min interviews with Mark Dampier of HL etc. I would classify this as a very dangerous engagement model.

https://www.youtube.com/watch?v=PYF_cXobsro

Still - interesting point that dead clients get better returns as they aren't tempted to trade.

Alex