Before you invest in that gold mine or oil well....
What is it about the lure of get rich quick schemes that causes people to check their credibility at the door and buy into any cock and bull story of fabulous gold mines or oil gushers? Here's another story of investors pouring money into non-existent oil fields and gold mines.
The Arizona Republic reports that "An unemployed Globe cattle rancher has admitted swindling 180 investors
as part of a $7 million fraud scheme targeting Christians throughout the
United States and Canada" by getting them to buy into a "purported oil company that was supposed to be worth $284 billion" and "gold mine deals."
I'm amazed at the number of questionable or suspicious if not outright fraudulent deals in Arizona that we hear about. A little common sense may be all that's needed to keep from being swept up into one of these schemes. [Right, gold photo courtesy of USGS]