Another Affinity Fraud Scheme Ruins Countless Lives

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Res Ipsa
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Another Affinity Fraud Scheme Ruins Countless Lives

Post by Res Ipsa »

;) This one was run out of Las Vegas and was supposed to be lending money to people awaiting personal injury settlements. https://www.washingtonpost.com/dc-md-va ... vegas-fbi/

Perhaps the leadership should be aggressive in warning the members how to avoid having their lives destroyed by something that sounds too good to be true. ;)
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Doctor CamNC4Me
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Re: Another Affinity Fraud Scheme Ruins Countless Lives

Post by Doctor CamNC4Me »

For five years, the SEC said, Beasley and Judd paid existing investors with money from new clients — a classic Ponzi scheme. The most notorious fraud of this kind, run by Wall Street financial guru Bernie Madoff, cost investors billions of dollars. By comparison, one expert said, the alleged Vegas scam was distinguished less by its size and more by its victims: It came to be known as the “Mormon Ponzi scheme.”

More than 900 people invested their savings — an estimated $500 million — between 2017 and 2022. They included surgeons, real estate developers, Mormon bishops, retirees and stay-at-home mothers.
Looking at how much energy these modern-day dupes put into defending the First Presidency’s malfeasance I can see why so many of them lack discernment. They’re bred and then groomed to be fleeced by con men. And then the con men have shills do their dirty work for them for free. It’s remarkable, frankly.

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Doctor Steuss
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Re: Another Affinity Fraud Scheme Ruins Countless Lives

Post by Doctor Steuss »

Looks like it's been about a decade and a half since the Church recycled Robert Copier's 1982 Church News article. It should probably get an annual refresh. Or at the very least, this line should be put on the back of programs occasionally:

"If someone asks you to pray about the investment he is promoting, keep your hand on your wallet while your eyes are closed."
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Dr. Shades
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Re: Another Affinity Fraud Scheme Ruins Countless Lives

Post by Dr. Shades »

Your link doesn't work, sir.
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Gadianton
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Re: Another Affinity Fraud Scheme Ruins Countless Lives

Post by Gadianton »

Huh. Can we call it the second Mormon ponzi scheme since Mormonism is already the first Mormon ponzi scheme?
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Res Ipsa
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Re: Another Affinity Fraud Scheme Ruins Countless Lives

Post by Res Ipsa »

Dr. Shades wrote:
Thu Feb 23, 2023 10:12 pm
Your link doesn't work, sir.
Weird. On my phone, the article is right behind the screen that says it’s not there. I recopied the link with the same result. If I swipe down on the “Can’t find it” page, the article is there. Not sure what the equivalent would be on a desktop.
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Re: Another Affinity Fraud Scheme Ruins Countless Lives

Post by Doctor Steuss »

Here's a little 3-minute local news clip on it: Ponzi
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