Wealth Manager in DR

Status
Not open for further replies.

the gorgon

Platinum
Sep 16, 2010
33,997
83
0
It has EVERYTHING to do with the implication that bad-credit people and/or financial fraud people are a Dominican thing....as YOU and others have been saying...maybe you need to read your own posts.

If such problems exist everywhere, then why to even warn the OP? And why the advice that the OP keeps his/her money in his/her country (whichever it is)? Presumably there (wherever it is) there are also people who won't pay their debts as well as unethical money managers, and financial fraud. Have you already forgotten about NY's Bernie Madoff and his 65 BILLION USD Ponzi scheme? Bernie and his scheme have no connection whatsoever to the DR.
And Bernie is not the only one...Did you ever hear of ENRON?, Worldcom? All the Mortgage frauds?
None had anything to do with the DR.


i can already see that you are not the sharpest tool in the shed. i can tell that you are going to drag me down to your level, and then clobber me with experience. in the interest of economy of discourse, let me restate my position.

a) i have made no comparison between Dominicans, and others. any assertion to that effect, on your part, is germinated by a lack of comprehension skills.

b) the gravamen of my argument is simple. i would not put my money in the hands of a Dominican, either as a loan, or for him to invest it for me. i have had too many bad experiences loaning Dominicans money, and never seeing it again. i realize that there are people like that the world over, but it is in evidence, far too often, in this country. i have seen too many of my friends cleaned out by Dominican hustlers. i once sold a compact disc player to an Italian in the Bronx, and he did not have all the money, so i let him have it, with the understanding that there was an outstanding balance. i never went back for the rest of the cash. 3 years later, i went to see him at his job, and he pulled out a drawer, removed an envelope, and it contained my money. 3 years later. try that with a Dominican. yeah. sure.
 

Ringo

On Vacation!
Mar 6, 2003
2,823
41
0
Just for some fun.. (JUST JOKING AROUND)

When we moved here several years ago we opened a savings and checking account with a “good” Dominican Bank. We would go in to deposit a check that would take three months to clear. However, we could cash it at the window, get the cash and then deposit that with no problem. Our automatic deposits would also take 3 months to clear. Of course, we didn't get any of the interest while the funds were on hold. We found that having an Acct. with a Dominican bank was rather expensive and using our U.S. Accounts was a lot easier and less costly.

(Enhanced for your pleasure.)
After over a year and having several thousands, U.S., saved up we decided to withdraw some and have some fun. (in U.S. $) M -me T- Teller

M I'd like to withdraw $10,000. please.
T OH.. You don't have that much.
M What? We should have over 20K. Please check again.
T I don't need to check again.
M Please?
T OK.... I'll be right back.

Hour later:
T Here is your statement from last month. You own us 1,500.
M WHAT? Let me see the statement....… What are all these charges?
T You opened an acct. so we charge.
You opened the other acct. so we charge.
You didn't open the CC acct. so we charge.
We charge the monthly service fee on the CC and the interest that you would have paid on the CC that you didn't get. So that cost you.
These are the monthly service charges.
These are the charges for your depositing by check.
These are the charges for your depositing via direct money transfers.
These are the charges for holding the money for 90 days...… and these are the charges for the paper work to do that.
And these are the Taxes that you had to pay since you have money. It is figured at what you SHOULD have had in the bank.
M Penalty charges?
T As I told you, you didn't pay the above monthly charges so we charge you a penalty fee.
M ATM fees? I don't use the ATM.
T Sure you did..... see all the withdrawals over here and these are the service charges for those. You notice that we DID come right out to get your card out of the machine that ate it.... and these are the charges for that. I know those are a little high but you understand that service costs money.
M Parking fee?
T You parked you a$$ in that chair for an hour while waiting for me.. (to go out and have lunch)
M What's this consultation fee? I've never had a consultation.
T You're talking with me right now so that's a consultation.
M Talking with a teller is a consultation?
T Yep. And down here you will see the “rude gringo” fee for insulting me.
And this one down here is ALL the compounded interest charges for not coming into the bank every month to pay the last months charges and this is the service fee for that... compounded.
M OK... what is this auda and ouda charges?
T Oh. That's short for:
You auda not put your money in a Dominican Bank.
M And the ouda?
T You be ouda here I'll bet.
M You're right about that. Close my accts.
T It takes 90 days to close your acct and we can not start that until you pay what you owe us.
M OK... OK... OK. HERE. You win so close the accts.
T Closing fees, audits and service charges need to be paid in advance. $500. please.

(I tried to change this to make it easier to read but could not change it. Maybe I need to pay a fee?)
 
Last edited:

Dominicaus

New member
Oct 4, 2006
427
0
0
a) i have made no comparison between Dominicans, and others. any assertion to that effect, on your part, is germinated by a lack of comprehension skills.

b) i would not put my money in the hands of a Dominican, either as a loan, or for him to invest it for me. i have had too many bad experiences loaning Dominicans money, and never seeing it again. i realize that there are people like that the world over, but it is in evidence, far too often, in this country.... i once sold a compact disc player to an Italian in the Bronx... try that with a Dominican....

This is surreal. You have a MASSIVE problem reading YOUR OWN posts. A MASSIVE REASONING problem... Anyone who reads the quoted text above can see your MASSIVE contradictions. It seems the work of an IRRATIONAL mind...NO wonder you lose money in business...how would you not?

Another thing you seem TOTALLY INCAPABLE of absorbing is that there is MORE TO A PERSON than his/her nationality. Your brain is far too contaminated with prejudice to absorb it.

It reminds me of the other Canadian fool who can't absorb the notion that there is more to a woman's profile than his nationality. All that fool care is whether the woman that allegedly treated him right or wrong was from this or that country. Education, wealth, religion, family status, etc means nothing to him. What an idiot!!!!!!!

It is not just whether some Dominicans have failed to pay you or anyone else...it is WHICH type of Dominicans. What was their financial profile?...get it?

Did they have stable jobs? own a home? own a car? have an education? have good credit references? etc., etc. Those are some of the attributes that determine a credit profile, anywhere around the world. Did you even bother to check those items?

If you loan money to Dominicans WHO HAVE a bad or weak credit profile -- especially without any asset backing the loan -- you will almost certainly LOSE money...Then again, if you loan money to anybody WHO HAS a bad or weak credit profile you will almost certainly LOSE money, regardless of their nationality.

It is not the nationality that makes the risk...It is the CREDIT PROFILE....

Try as hard as you can to understand that (not that I expect your brain to be capable of).
 

CFA123

Silver
May 29, 2004
3,512
413
83
Dominicaus,
What firms do you recommend in DR for money/investment management that would warrant moving those funds from one's home country? What advantages do you see?

The wealthier Dominicans that I know seem to do two things...
1) make continued investments within the country in businesses they own, control, and understand
2) use U.S. brokers & money managers for stock/bond/commodity investment
 

the gorgon

Platinum
Sep 16, 2010
33,997
83
0
This is surreal. You have a MASSIVE problem reading YOUR OWN posts. A MASSIVE REASONING problem... Anyone who reads the quoted text above can see your MASSIVE contradictions. It seems the work of an IRRATIONAL mind...NO wonder you lose money in business...how would you not?

Another thing you seem TOTALLY INCAPABLE of absorbing is that there is MORE TO A PERSON than his/her nationality. Your brain is far too contaminated with prejudice to absorb it.

It reminds me of the other Canadian fool who can't absorb the notion that there is more to a woman's profile than his nationality. All that fool care is whether the woman that allegedly treated him right or wrong was from this or that country. Education, wealth, religion, family status, etc means nothing to him. What an idiot!!!!!!!

It is not just whether some Dominicans have failed to pay you or anyone else...it is WHICH type of Dominicans. What was their financial profile?...get it?

Did they have stable jobs? own a home? own a car? have an education? have good credit references? etc., etc. Those are some of the attributes that determine a credit profile, anywhere around the world. Did you even bother to check those items?

If you loan money to Dominicans WHO HAVE a bad or weak credit profile -- especially without any asset backing the loan -- you will almost certainly LOSE money...Then again, if you loan money to anybody WHO HAS a bad or weak credit profile you will almost certainly LOSE money, regardless of their nationality.

It is not the nationality that makes the risk...It is the CREDIT PROFILE....

Try as hard as you can to understand that (not that I expect your brain to be capable of).

credit profile, you say? really? so, tell me about the credit profile of all these so-called real estate dealers here, who have robbed several gringos of their savings. tell me about all the government officials who have stolen everything that is not nailed down. i do not write the periodicals. i just read them. every single day, there is yet one more revelation of a politician, or a general, or some police captain, caught stealing. sorry, but Dominicans have character issues insofar as money is concerned. you might not like it, but it is the truth. from the leadership, to the guy in the barrio. they have a problem with matters of money. i paid a lawyer to sue a guy who owed me money. he took my retainer, then took money from the respondent, and sold me out. so, i got another attorney. he took my money, and just gave me a bunch of lies, and did nothing. every country has crooks, but, thankfully, i have never been robbed ONCE in the USA by an attorney. every gringo here can tell you a million tales of woe when it comes to matters of money here.
 

JohnnyBoy

Bronze
Jun 17, 2012
1,448
0
0
Yeah, if all of those who lost money to Bernie Madoff and his 65 BILLION ponzi scheme, or through Enron, or Worldcom, or through fraudulent mortgages had only followed your advise, they would have their money....wait...none of those had anything whatsoever to do with the DR....oopsssssssssss!!
All those (and many others) happened in the 'developed' world....I guess you can lose money everywhere...Oh well!

For the Canadians: have you ever heard of the Canadian Bre-X Company group? These people did: The Ontario Municipal Employees Retirement Board (loss of $45 million), the Quebec Public Sector Pension fund ($70 million), and the Ontario Teachers Pension Plan ($100 million).

You are 100percent right. If I do not trust my money manager which has happened in NY. I called the SEC the FBI and after three years I got some of my money back.
If I got ripped off in the DR I wouldnt have gotten back squat.
The DR has no sec no governing body for investment fraud or the like.

Dont be like Pichardo. The DR has beautiful beaches and nice people. Its infrastructure and justice system are sub par. There is a tremendous culture of ripping off extranajeros.
Where is your money invested? Ill bet in the US.
 

the gorgon

Platinum
Sep 16, 2010
33,997
83
0
You are 100percent right. If I do not trust my money manager which has happened in NY. I called the SEC the FBI and after three years I got some of my money back.
If I got ripped off in the DR I wouldnt have gotten back squat.
The DR has no sec no governing body for investment fraud or the like.

Dont be like Pichardo. The DR has beautiful beaches and nice people. Its infrastructure and justice system are sub par. There is a tremendous culture of ripping off extranajeros.
Where is your money invested? Ill bet in the US.


a culture of ripping off extranjeros? really? i am shocked to hear that.
 

the gorgon

Platinum
Sep 16, 2010
33,997
83
0
a culture of ripping off extranjeros? really? i am shocked to hear that.

know the difference, Johnny Boy? in the USA, they recovered some of your money, and passed it on to you. in the DR , if they recover your property, they just keep it for themselves.
 

goldenjoe

New member
Nov 4, 2008
12
0
0
Wow , this is kind of depressing.
And to say that I just moved here. This is giving me second toughts
Anything positive By Any chance
 
Dec 26, 2011
8,071
0
0
Wow , this is kind of depressing.
And to say that I just moved here. This is giving me second toughts
Anything positive By Any chance

Sure. You already see the positives all around you. But I would never invest one dollar in a business venture there. Some have and done well, apparently. I don't have the stomach for it.
 

the gorgon

Platinum
Sep 16, 2010
33,997
83
0
Sure. You already see the positives all around you. But I would never invest one dollar in a business venture there. Some have and done well, apparently. I don't have the stomach for it.

goldenjoe, you have just been instructed by one of the sages of this forum. a word to the wise is sufficient. or, so they say.
 

JohnnyBoy

Bronze
Jun 17, 2012
1,448
0
0
Joe out of curiosity what is your level of knowledge of the DR? Have you spent alot of time there? Do you have family? Is your spouse Dominican?
 

Ringo

On Vacation!
Mar 6, 2003
2,823
41
0
Wow , this is kind of depressing.
And to say that I just moved here. This is giving me second toughts
Anything positive By Any chance

If you have NOT lived in the D.R. or another... no... their is nothing like or close to how things are done here.

YES... we have some very good and important things that happen but THAT depends on what YOU are looking for.

I will NOT name the things that some come here for. Investing is NOT one of them for those that know about ... investing. And I will NOT tell you who has fled the D.R. with what they could salvage including Dominicans that have their money in other Countries. Got it?

Come down and buy what you can afford to live in and keep it simple. Perhaps a small business that YOU work and manage. That's it.
 

CFA123

Silver
May 29, 2004
3,512
413
83
Dominicaus,
What firms do you recommend in DR for money/investment management that would warrant moving those funds from one's home country? What advantages do you see?

The wealthier Dominicans that I know seem to do two things...
1) make continued investments within the country in businesses they own, control, and understand
2) use U.S. brokers & money managers for stock/bond/commodity investment

Looks like Dominicaus bailed on this thread... been online and posted a half dozen times in other threads.
 

wuarhat

I am a out of touch hippie.
Nov 13, 2006
1,378
89
48
Bernie Madoff got 105 years for his trouble, and nobody expects to see him walking free again. Good luck finding a Dominican or anyone esle, serving a sentence that fits the crime, in a dominican jail for a crime committed against a gringo in the Dominican Republic.
 

Ringo

On Vacation!
Mar 6, 2003
2,823
41
0
Looks like Dominicaus bailed on this thread... been online and posted a half dozen times in other threads.

Looking at "his" language skills. He may be Dominican but does NOT live in the D.R. Where have I seen the same reasoning, structure and down right arrogance and rightousness (sp????) before?

I wonder?

Don't you just hate it when Dominican experts are experts when they don't even live in the Country that they are an expert about? In short.... they don't live in the D.R. and have no idea what goes on...
 

the gorgon

Platinum
Sep 16, 2010
33,997
83
0
Looking at "his" language skills. He may be Dominican but does NOT live in the D.R. Where have I seen the same reasoning, structure and down right arrogance and rightousness (sp????) before?

I wonder?

Don't you just hate it when Dominican experts are experts when they don't even live in the Country that they are an expert about? In short.... they don't live in the D.R. and have no idea what goes on...

anyone who tries to downplay the ethical deficit in this country, especially in regards to money, is delusional.
 

the gorgon

Platinum
Sep 16, 2010
33,997
83
0
Bernie Madoff got 105 years for his trouble, and nobody expects to see him walking free again. Good luck finding a Dominican or anyone esle, serving a sentence that fits the crime, in a dominican jail for a crime committed against a gringo in the Dominican Republic.

if every Dominican politician, and members of the military and police, who committed financial crimes , was to be indicted, tried, and sentenced, they would have to build a jail the size of a province.
 

sayanora

Silver
Feb 22, 2012
1,621
36
48
Looking at "his" language skills. He may be Dominican but does NOT live in the D.R. Where have I seen the same reasoning, structure and down right arrogance and rightousness (sp????) before?

I wonder?

Don't you just hate it when Dominican experts are experts when they don't even live in the Country that they are an expert about? In short.... they don't live in the D.R. and have no idea what goes on...

I love ex-pats who live here for 20 years and still don't understand a lick of how things work here..
 
Status
Not open for further replies.