Inside Track goes into administration.

Pez2

Gloating about people being ripped off by a bunch of property investment 'specialists' (read conmen) is not really consistent with the money saving ethos, is it?

MissMoneypenny

GavP wrote: »

Gloating about people being ripped off by a bunch of property investment 'specialists' (read conmen) is not really consistent with the money saving ethos, is it?

The words boot, other and foot, spring to mind.

Alan_M_2

GavP wrote: »

Gloating about people being ripped off by a bunch of property investment 'specialists' (read conmen) is not really consistent with the money saving ethos, is it?

If the gloating prevents one person from being fooled by this sort of enterprise again, then it is exactly that....a money saving ethos.

Pez2

And another thing, calling it "capitalism at it's finest" is a bit like calling a tapeworm "the human body at it's finest". Inside Track provided no useful goods or services, they simply used sharp practices to redistribute money from the gulible to the dishonest. That's not capitalism, it's fraud.

m00m00

Alan_M wrote: »

Why should it be investigated? The gullible are parted from their money very easily.

As I see it, Inside track have done nothing the major American Banks did with Sub Prime lending, repackaged it, called it something else, used a little smoke and mirrors and sold it on to other greedy banks that chose not to ask pertinent questions.

The only people to blame are those that put their money in.....if something looks to good to be true...it usually is.

In the meantime, the founder of the company made a tidy profit operating quite legally.

Capitalism at it's finest......Why do all these people immediately look for someone to blame? What ever happened to responsibility for your own actions, or admitting you'd made a dumb decision?

because it seems outright fraud was involved with false valuations, and phantom vendor gifted deposits.

investigation does not imply guilt, it merely implies there is something there that needs looking at closely, and in this case that is certainly true.

meanmachine_2

GavP wrote: »

And another thing, calling it "capitalism at it's finest" is a bit like calling a tapeworm "the human body at it's finest". Inside Track provided no useful goods or services, they simply used sharp practices to redistribute money from the gulible to the dishonest. That's not capitalism, it's fraud.

The gullible will always lose their shirts. That's what being gullible means.

You stop being gullible by heeding the advice of people who could see Inside Track for what it was - a snakeoil sales operation.

Alan_M_2

GavP wrote: »

And another thing, calling it "capitalism at it's finest" is a bit like calling a tapeworm "the human body at it's finest". Inside Track provided no useful goods or services, they simply used sharp practices to redistribute money from the gulible to the dishonest. That's not capitalism, it's fraud.

It was ironic, as was the whole tone of my post if you care to re read it.

I don't take to gloating, I find it as distasteful as people posting about how much they have.

I do get particularly annoyed with the general lack of responsibility that people seem to have these days for their own decisions. It appears when the Sh*t hits the fan they want to know why the government (or governing body) hasn't intervened to stop it, yet the very same people are the first to accuse the government of "Big brother" syndrome.

We live in a capitalist society, and as long as we do enterprises will exist to (legally) take advantage of gullible people. Caveat Emptor if you prefer.

What you're confusing for gloating in my post is actually realism......

Alan_M_2

m00m00 wrote: »

because it seems outright fraud was involved with false valuations, and phantom vendor gifted deposits.

investigation does not imply guilt, it merely implies there is something there that needs looking at closely, and in this case that is certainly true.

I refer you to the post I made above on responsibility.

There is a phrase for this in business, it's called due diligence, that covers all parameters of investigation before a person lends or invests money in anything......if you wish to fly without it, so be it....don't bleat when it all goes wrong.

Pez2

meanmachine wrote: »

The gullible will always lose their shirts. That's what being gullible means.

You stop being gullible by heeding the advice of people who could see Inside Track for what it was - a snakeoil sales operation.

The victims of this have been foolish and greedy and are at least partially culpable for being ripped off, so I can understand why people are not necessarily sympathetic towards them, but realistically Inside Track are no different from the dodgy tradesman who make little old ladies pay over the odds for work that they don't even need doing. By your line of argument little old ladies always lose their shirts, and that's just the way things are. Survival of the fittest, eh?

Conrad

The problem with vulnerable people is they wont be told.

Over on the debt free section, people were extolling the virtues of spread betting and some were citing it as a way out of debt. Others regularly discuss other money making means that do not involve much work.

I tried to point out it that such a 'sure fire' money making scheme has to be false because:

1) People who set up casinos (or spread betting infrastructure) do so to herd people in order to extract thier cash and make a profit which means the users MUST make a loss or there would be no point setting up these facilities (instead the facility providers would simply spread bet themselves if they could make more that way and not have to bother with advertising costs etc)

2) Anything that provides the kind of relatively accesible returns spread betting supposedly does would have been cornered by city slickers and big banks long before the likes of us got anywhere near

So vulnerable people close thier ears to warnings, then lose thier money, then want compensation / redress....................mmmmm