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$9 Billion Fraud


TIGHTCHOKE
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She did it by being a technical idiot. She was completely naive and hopelessly out of her depth. At the beginning. Then it all got criminal when she tried to ride it out! To an extent, it's Silicon Valley's fault. Very much a case of 'Ooooh shiny new thing! I invest!' 'As do i!' 'Huh. This is popular I must invest too' 'Umm...Has anyone actually checked if this is even possible? Oh who cares, I invest!' No one really checked properly to see if it was all feasible. So once someone thinks it's a good idea, investors pile in so they don't miss the bus. Muppets. Parting fools with their money

Her lawyers  tried to portray her as innocent and hapless at business, which she is...but she would also have known the tech wasn't working, but she kept riding the tiger...

Useless, mad and criminal. What a combination...

Edited by chrisjpainter
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I found it quite funny really. She looked like a digitally enhanced Hentai character during her promo’ video, but still managed to dupe many people, even her own staff who knew the product didn’t work. 
Reminds me of the bloke whom allegedly sold absolutely useless bomb detectors to many national security companies. 

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48 minutes ago, Scully said:

I found it quite funny really. She looked like a digitally enhanced Hentai character during her promo’ video, but still managed to dupe many people, even her own staff who knew the product didn’t work. 
Reminds me of the bloke whom allegedly sold absolutely useless bomb detectors to many national security companies. 

what about the companies that are selling gizmos that will slash your bills (electric) by 50%

anyone bought one yet

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I watched the Sky documentary on Theranos and it was fascinating - she’s of a type - total narcissist and borderline nuts, but not enough to run any medical based defence because of course she knew exactly what she was doing and what was going on.

I’ve just finished the ‘Man who bought cricket’ documentary about Allen Sandford on Sky and would recommend it. Before the world went nuts we stayed on the beach just down the road from the failed Four Seasons Resort in Barbados (now spookily derelict and inhabited by monkeys) and learnt the tale of Allen Sandford.

Ponzi was an Italian immigrant to the US, and I think the record holding swindler remains Bernie Madhoff.

Between Madoff, Sandown and now Theranos I reckon that’s £30 billion swindled and only since 2000. 

Yanks eh? Seems like they fall for a good presentation and any old BS.

Mind you, over here there’s been plenty of monkey business with ‘unregulated’ investments like the Harlequin Property Scandal and that mob who were flogging airport car parking spaces as investments (and the airports weren’t any of the airports anyone had ever heard of). Indeed, I don’t know of a single ‘unregulated’ investment scheme that hasn’t ended in tears - most only ever get recommended to investors (aka poor old gullible pensioners) because the introducer cops a massive fee / commission. I digress.

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I've been advocating the same thing for years only doing it properly via the NHS. Instead of going for blood tests for a single ailment every couple of months, revamp the NHS so, starting from maybe 5yrs old they take blood and test for everything and then every 5yrs of your life. Imagine a doctor calling you up and telling you what's wrong with you  before any symptoms. Imagine catching **** like cancer at a stage when it's an easy cure and doesn't take up months of hospital beds. The difference in the NHS would be astronomical to say nothing of the savings.

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3 minutes ago, toxo said:

I've been advocating the same thing for years only doing it properly via the NHS. Instead of going for blood tests for a single ailment every couple of months, revamp the NHS so, starting from maybe 5yrs old they take blood and test for everything and then every 5yrs of your life. Imagine a doctor calling you up and telling you what's wrong with you  before any symptoms. Imagine catching **** like cancer at a stage when it's an easy cure and doesn't take up months of hospital beds. The difference in the NHS would be astronomical to say nothing of the savings.

except the tech doesn't work. And bloods don't show up everything anyway. And then there are the times when it's inconclusive, or borderline And every five years is too long a window; in the vast majority of cases, it'd show nothing at all and then the patient would get ill in the 5 year gap anyway.

This didn't start off as a fraud. It was hoped they could develop the tech that would make the company a success and save millions of lives. But they couldn't get it to work, so it basically descended into a whopping pyramid scheme

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9 hours ago, Mungler said:

Harlequin Property Scandal

My wife's friend (and that friends sister) invested in this - she even remortgaged her house for a chunk of money to put into it. She got it all back from the FCA or whatever plus interest at 8%.

Not bad for someone who has only worked the minimum hours, since getting pregnant to a French contractor who never contributed, to get the benefits. Now has paid of her house, and got a newish car at the same time but that id digressing into another area

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8 minutes ago, shalfordninja33 said:

 

The BBC have produced a really good podcast on this Ponzi scheme,

The Missing Cryptoqueenm, Dr Ruja Ignatova persuaded millions to join her financial revolution. Then she disappeared. Why? Jamie Bartlett presents a story of greed, deceit and herd madness.

https://www.bbc.co.uk/sounds/brand/p07nkd84 

 


That’s right up my alley. Will listen now. Thanks.

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2 hours ago, Mungler said:


That’s right up my alley. Will listen now. Thanks.

@Mungler Here's another very good True Crime Podcast on BBC Sounds, I found The missing Crypto Queen and the one below over the festive period. It's called the Lazarus Heist and has lots interesting information on North Korean cybercrime, its begins with how they knocked Sony Pictures over. 

“Almost a perfect crime.” The hacking ring and an attempt to steal a billion dollars. Investigators blame North Korea. Pyongyang denies involvement. The story begins in Hollywood. https://www.bbc.co.uk/programmes/w13xtvg9/episodes/downloads

 

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Whats just as bad is the amount of followers that these people have around them like kids in the classroom fighting to be the teachers pet. 

They all just love it when they get a little bit of attention, how many now are wiping the egg off their faces. 

 

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1 hour ago, Dougy said:

Whats just as bad is the amount of followers that these people have around them like kids in the classroom fighting to be the teachers pet. 

They all just love it when they get a little bit of attention, how many now are wiping the egg off their faces. 

 


She got her mug on the front cover of every major publication across the globe, was hailed a genius and all the while she was peddling pure nonsense - the queue of people admiring her emperor’s clothes went round the block.

And what happened to old fashioned journalism and the application of intelligence? 

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1 hour ago, Mungler said:


She got her mug on the front cover of every major publication across the globe, was hailed a genius and all the while she was peddling pure nonsense - the queue of people admiring her emperor’s clothes went round the block.

And what happened to old fashioned journalism and the application of intelligence? 

That died years ago!

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I am of the opinion that the fear of missing out and greed are key indicators to these cases not only by individuals but also institutions. I also think once companies get rolling they are difficult to stop especially when they get into cash flow problems, despite having former politicians on the payroll, I am thinking of companies that have bought out the remains of British Steel and property companies such as Evergrande which could have debts totalling over an eye watering £300 billion. Evergrande is overstretched and will require the Chinese government to bail it out…… that is one big sofa £300 billion! I don’t even know how many zeros that is!

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2 hours ago, Rookandrabbit said:

I am of the opinion that the fear of missing out and greed are key indicators to these cases not only by individuals but also institutions. I also think once companies get rolling they are difficult to stop especially when they get into cash flow problems, despite having former politicians on the payroll, I am thinking of companies that have bought out the remains of British Steel and property companies such as Evergrande which could have debts totalling over an eye watering £300 billion. Evergrande is overstretched and will require the Chinese government to bail it out…… that is one big sofa £300 billion! I don’t even know how many zeros that is!

Absolutely, the likes of Philip Green spring to mind. The system is set up to favour the rich and allows billionaires to play with the lives of millions of people. 

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I loved the line ‘if you want to steal £10,000 then you will need a mask and a gun, but if you want to steal £10,000,000 then you will need a pen or a laptop’.

There was an interesting article in the Guardian on line (yeah I know, it’s the only free one not behind a paywall) where some girly journo flexing her woke credentials was arguing that the CEO of Theranos was getting it particularly bad because she’s a woman and all men and the prosecuting authorities are all men and misogynists. I say it was interesting only to the extent that it reminded me why I don’t and never will pay for a Guardian paper / subscription. 

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On 09/01/2022 at 06:17, Mungler said:

I loved the line ‘if you want to steal £10,000 then you will need a mask and a gun, but if you want to steal £10,000,000 then you will need a pen or a laptop’.

or the one that goes something like - owe the bank a £1000 and they own you, owe the bank a million and you own the bank.....

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