My brush with a Ponzi scheme.
So it was about 2006 and my girlfriend's dad at the time was a pilot for Air Jamaica. He said he found an opportunity where a man named David Smith was trading the foreign exchange market. I was like ok let me give it a shot. He only told me because I've been trading the Forex market since 2000. Trading currency is very volatile but I've made 5%+ during a commercial break. But also lost the same. Anyway after 3 months I had received about 10%/month in profits. Which is possible, plus not forgetting David had stellar references and I personally knew people who were exhibiting a completely new life style. So the money grew and due to compound interest, I reached the stage of making $10k-$20k/month.
[Kanye]
La, la, la la (Yeah)
Wait 'til I get my money right
Couldn't tell me sheeeeeiiiiiitttt! I'm rich BIATCH!!
Thinking I had solved the money dilemma I started balling out. New crib new car etc...
then about 3 yrs in I started hearing rumors, but I ignored them. Funny how money makes you deaf. One day I was wiring 75k to them and they didn't want to accept the money. Huh? We spoke for a few days to no avail and they forced me to take the money back. Then I tried to make a withdrawal. Nope. Road blocks and frustration on every corner. Suddenly I realized that all the rumors were true. Later that month he sent an email to everyone saying that due to laws in the country where the headquarters are located they are moving to Turks and Caicos. Still no money has been remitted to me. Then the shot heard all around the Caribbean. David Smith had been arrested. The day I found this out there was 6 figures in that account. I had doubled down so many times and let the money accrue over and over but alas I didn't take any out and save. A nuclear weapon had just gone off in the middle of my life. Decimation. Soul sucking on every level, within 3 months I was out of money. I didn't realize how much I was spending each month. WAAAYY TOOO MUCH!! First the house then the car then finally my denial.
It's been sometime since the David Smith incident. But I've since recovered financially, but this time I'm doing the trading. I don't trade forex directly anymore I realize a moat is needed so an ETF is perfect. David Smith stealing this money has evolved my thinking in such a way that I triple or quadruple check my formulas and results. But it hurt and it hurt REAL BAD. 🏋🏽♀️
So cut to today, David smith is now after serving 3 years in Turk and Caicos awaiting extradition to the US for the remainder of his 30 sentence. Here's a image and audio file of David talking to the authorities. Enjoy thanks for stopping by.
Almost forgot this is the lawyer who handled the case http://www.gilardi.com/DSmithRemissionFund/