Swindlers remanded to custody in major fraud case

[Dolores]

The Justice Department sent the principal figure in a massive pyramid scheme into preventive custody for at least three months, declared the case to be very complex, and revealed several details concerning the victims and the money involved. Juan Diego Toribio Mejia is accused of leading a group of persons in a convoluted scheme that took over two million dollars from 94 persons (along with over RD$7,250,500). The accused lured the claimants with promises of financial returns of as much as 17% per month on the money invested.

The case revolves around an entity called HDLS Digital Kingdom Investment Group SRL and a cooperative called Digicoop, Inc. that operated in 2021 and 2022 without any authorization from the Superintendent of the Stock Market.

The group led by Toribio Mejia convinced people to become part of the Dominican Digital Savings & LoanCooperative (Digicoop) to...

Continue reading...

 

[JD Jones]

The bigger the supposed return, the more folks get suckered in.

 

[drstock]

I think that's a Ponzi scheme rather than a pyramid scheme.

 

[El Hijo de Manolo]

I think that's a Ponzi scheme rather than a pyramid scheme.

It is, in fact, a pyramid scheme. You can clearly see this in the itemized operational model in the article. Pyramids hide behind corporations, making it difficult to go after the head of the snake. They also depend on recruitment of other participants as opposed to a direct sale of a well defined good or service. If you know you know, Stock.

 

[Manuel01]

I just got a text message from Banco Promerica, offering me a Loan for only 37% Interest per year.
And they keep walking around freely. LOL

 

[El Hijo de Manolo]

I just got a text message from Banco Promerica, offering me a Loan for only 37% Interest per year.
And they keep walking around freely. LOL

Scammers count on the clueless public, especially the elderly and the desperate

 

[drstock]

It is, in fact, a pyramid scheme. You can clearly see this in the itemized operational model in the article. Pyramids hide behind corporations, making it difficult to go after the head of the snake. They also depend on recruitment of other participants as opposed to a direct sale of a well defined good or service. If you know you know, Stock.

Well, as I understand it, a pyramid scheme is when every member buys stock, they then recruit other members who buy stock from them, and so it goes along the chain until they have a pyramid-like structure with the people at the bottom stuck with stock they can't find anyone foolish enough to buy. A Ponzi scheme is like this one, offering unrealistic rates of return and only being able to pay those returns from the new investors that are sucked in a la Bernie Madoff.

Maybe you Americans have different meanings from we English. It wouldn't be the first time.

 

[RDKNIGHT]

Continue reading...

I would love to hear our real estate Guru comment on this aka Pam Canablue Real Estate

 

[El Hijo de Manolo]

Well, as I understand it, a pyramid scheme is when every member buys stock, they then recruit other members who buy stock from them, and so it goes along the chain until they have a pyramid-like structure with the people at the bottom stuck with stock they can't find anyone foolish enough to buy. A Ponzi scheme is like this one, offering unrealistic rates of return and only being able to pay those returns from the new investors that are sucked in a la Bernie Madoff.

Maybe you Americans have different meanings from we English. It wouldn't be the first time.

Stock, the war is over. We won... A looooonnnng time ago.

 

[chico bill]

165% rate of return annually and some believed it?
You have to think those greedy idiots deserved to be fleeced.

 

[CristoRey]

165% rate of return annually and some believed it?
You have to think those greedy idiots deserved to be fleeced.

A fool and his money...

 

[RDKNIGHT]

A fool and his money...

great song

 

[aarhus]

I would love to hear our real estate Guru comment on this aka Pam Canablue Real Estate

I think she was scared away. She just wanted to chat about condos in her market Punta Cana. Would have been interesting.

 

[El Hijo de Manolo]

I think she was scared away. She just wanted to chat about condos in her market Punta Cana. Would have been interesting.

How do you know? My experience tells me it smelled like a low-end budget lead generating campaign.

 

[aarhus]

How do you know? My experience tells me it smelled like a low-end budget lead generating campaign.

She was probably hoping for some leads. Off course. Isn’t she an advertiser. Dr1 has to cover it’s expenses somehow.

 

[El Hijo de Manolo]

She was probably hoping for some leads. Off course. Isn’t she an advertiser. Dr1 has to cover it’s expenses somehow.

If she was a paying advertiser, then I may be mistaken. I assumed she was not in fact a paying advertiser.

 

[aarhus]

If she was a paying advertiser, then I may be mistaken. I assumed she was not in fact a paying advertiser.

Not sure about current dr1 policy. Before you could advertise in the directory and it gave you the benefit of posting in the forum about your business but the requirement was you provided some interesting content. For instance could be market information. It had to be interesting and start a discussion. It was a good idea but often difficult I think to not sound like an advertisement.