- Thread starter monfongo
- Start date
rusa gone down
Beware the "investments" offered here. I had an German acquaintance who invested 1 million pesos with a company in Puerto Plata, Not RUSA nor Iversiones Al D?a and he was getting 16% or 18% annual interest, payments made monthly and had no problem for 6 or 7 months or even a year, then one day the monthly didn't come and he was out the principal and basically brushed off when he went to inquire.
I wish I could recall the company's name - the name of the company was a person's last name. Beware of investments, someone is always offering something which sounds great, but can be a dream.
Forgive my ignorance, but aren't most of these investments similar to ponzi schemes? I mean, what legal footing or governmental support do you have to recover your principal if these things go south? Again, I am speaking totally out of ignorance and only going by what i have read on this forum.
i have no idea what government regulations exist regarding these investment houses. my guess says that the government takes a hands off approach. i fail to see how the business model has any mathematical hope of succeeding, so it must be a ponzi scheme which will bust if there is any kind of run on the funds.
it is not as if there is a Dominican equivalent of the FDIC going on here. you pays your money, and you takes your chances.
As a gringo you have no chance i a Dominican Courtroom. I lost a claim against a constructor and loose 4.000.000 Peso. According to my lawyers
I was 100 % right. The made a deal behind my back with the other lawyer.
You can absolutely do not nothing.
Normally we say " In a courtroom or at sea , you are in Gods hand" with means you never can be sure about the verdict.
In a Dominican courtroom you are, if you are gringo in the hand of devil.
I was 100 % right. The made a deal behind my back with the other lawyer.
You can absolutely do not nothing.
Normally we say " In a courtroom or at sea , you are in Gods hand" with means you never can be sure about the verdict.
In a Dominican courtroom you are, if you are gringo in the hand of devil.
All banks in DR are backed by the CB.
Financieras, cooperativas, etc... Are not!
The only money the CB backs are savings accounts. All others you are on your own.
yes, i remember when that bank went belly up during the Hipolito epoch, and the government paid back all the account holders in full.
Rafael Hip?lito - there's a name that sends shivers down the spines of all. A one-term idealist who was going to fix DR by raising taxes. And who did he beat - None other than Danilo Medina, proving old pennies (pesos) come around again.
As a side note Hiploito is a name for boys which is supposed to denote a sexy smooth talker, suave with a huge Johnson. That does not describe Rafael.
I was just coming into the DR then but I think there were several banks (can't name them) that bit the dust and the currency was devalued and DR came close to a financial meltdown.
Moral of this story - Never put all your financial huevos in the DR basket.