Sunday, July 01, 2012

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]

4 comments:

  1. So correct, Lee.

    I always make sure that anyone pitching a sale to me has a legitimate Nigerian address. You can't be too careful nowdays.

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    Replies
    1. Anonymous2:36 PM

      Mining swindles on Christians make sense to a swindler - they want a gullible class of people who want to get rich quick and have no idea of the nature of their investment.

      Delete
  2. Anonymous3:55 AM

    Be very careful about investing in gas wells, oil wells or gold mines. Even when NG gas wells
    are on your property or you are in a production unit they sometimes are not very profitable. Believe me, I live in the core area of the Marcellus NG area.

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  3. Anonymous5:53 PM

    I'm amazed at the number of questionable or suspicious if not outright fraudulent deals in Arizona that we hear about.

    Arabella Aston

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