How is this still a thing?



September 13, 2016
How is this still a thing?

SCANDAL:Colin Davids implicated in ponzi scheme

And how is it that people are still being caught in Ponzi schemes?

I really thought by now we are all sharp enough to not fall for these get-rich-quick promises.

The latest story involves 48-year-old Pastor Colin Davids from the New Direction Grace Ministries in Parow.

He is also head of the Platinum Forex Group, which apparently promised people huge returns.

The pastor is out on R100 000 bail and is having to prove that his business is not a ponzi scheme.

Prosecutors reckon his scheme was worth around R100 million, with investors mainly being government employees who had retired or resigned.

So like with J. Arthur Brown, they will probably get next to nothing back from their investments. Most of it will have disappeared, while the lawyers will claim the rest.

And that is really the sad part of these stories.

It’s usually the last bit of large cash that people have and which they are hoping to double, or at least increase a little.

And it’s that hope and maybe even a little greed that ruthless people exploit.

People, when it comes to investing your money, the rule of thumb has still not changed.

If it sounds like it’s too good to be true, then I can almost guarantee you that it is.

Read more Bobby Brown