Think Bernie Madoff was the last of the investment advisor frauds? The fact is there are many “mini-Madoffs” alive and well – and looking to trap you into their own Ponzi scheme.
The Better Business Bureau found that thousands of “cash gifting” videos are up and running on places like YouTube – promising people that they can make a few extra dollars in this tight economy. Actually, these cash gifting clubs are illegal pyramid schemes – and could cost you thousands of dollars.
These scams usually come in the form of high-yield investment or business opportunities. But use your common sense. If it sounds too good to be true, it always is.
A more profitable investment would be time spent consulting first with your lawyer or accountant and checking with the BBB.