Thursday 6 September 2007

Beware of Little Old Ladies who can make you Rich

There have been a few cases recently in Sydney of respected, older women taking advantage of trusting friends and neighbours to defraud large sums of money. The SMH has reported the latest instance where a 65-year-old woman allegedly obtained funds totalling more than $2.6 million by deception. Between 2004 and 2006 numerous people invested money in a "business scheme" with the woman, but when some of the investors requested their money back, the funds were allegedly not returned. It goes to show that you should be very careful when "investing" your hard-earned money with friends or relatives. You obviously would have to have a good opinion of the person's integrity and capability to even consider such as investment, but the truth is that it is almost impossible to make an accurate risk assessment of such an investment.

Copyright Enough Wealth 2007

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