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You Can't Cheat an Honest Man

James Walsh

Average Review Rating Average Rating 9/10 (1 Review)
Book Details

Publisher : Silver Lake Publishing

Published : 1998

Copyright : James Walsh 1998

ISBN-10 : PB 1-56343-169-6
ISBN-13 : PB 978-1-56343-169-2

Publisher's Write-Up

This book takes an investigative look at the reasons why Ponzi schemes and pyramid frauds are thriving today. It closely examines why over 100,000 Americans are suckered into the schemes every year.

Using dozens of memorable case studies, from Charles Ponzi's original scam in the 1920s to the elaborate New Era philanthropy fraud of the 1990s, the book scrutinizes the mechanics behind these deceptive plots. It considers the underlying factors - both financial and psychological - that pump life into the scams. It also takes a close look at regulatory rules and other legal issues.

Most importantly, it describes the modern variations that perpetrators and swindlers use to sell their schemes. Tips are offered to detect schemes and respond when they occur. The book aims to educate consumers and make them aware of how financial scams work.

'...details how Ponzi schemes, pyramid frauds and shady multi-level marketing companies workand why Americans never tire of throwing money at them.'

The San Diego Union-Tribune

'James Walsh's You Can't Cheat an Honest Man is the definitive explanation of the Ponzi scheme. Now everyone can understand why Social Security is doomed to fail. It is an inter-generational Ponzi scheme.'

G. Gordon Liddy, syndicated radio host
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Reader Reviews

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Review by Paul Lappen (090407) Rating (9/10)

Review by Paul Lappen
Rating 9/10
This book looks at pyramid scams, Ponzi schemes, multi-level marketing, and other such "surefire" money makers, which actually are surefire money losers.

Keep it simple; if an operation is too complicated, no one will invest in it. Practically any industry is ripe for scam artists, from real estate to travel to technology. Tax havens and tax dodges are a very popular field for thieves. Schemes run by so-called "investment advisors" or "financial planners" are the most favored area for scammers, but commodities and precious metals are a close second. Scams can come in a seemingly infinite array of shapes and sizes.

Their continued success is based on several human emotions. Family ties are very strong; people are reluctant to attack, or sue, the uncle or cousin who got them into this scheme. People are also reluctant to let others know that they have been scammed; it's easier to keep quiet. The most important emotions are pure greed and gullibility. Who can resist a "no-risk" investment with a double digit return?

What can a victim do? Some agency like the state Attorney General's office or Federal Trade Commission will have jurisdiction over your case; make friends with them. Go after the people who got money out of the scheme before it collapsed. While the scammer was in business, they were advised by banks, lawyers and/or accountants; don't be afraid to go after them. Last but not least, when the scheme reaches bankruptcy court, as it will (Ponzi schemes have a 100% failure rate), don't be afraid to fight like a caged animal for your money. No one else will do it for you.

This book is excellent and very easy to read. Anyone can say that they would never be caught anywhere near such a scheme. Remember that the next time a friend of a friend goes on about this incredible, "no-risk" money making plan, and read this book first.
Paul Lappen (9th April 2007)

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