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My parents got scam, how can I help?
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Apple_John
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Dec 24, 2003, 04:43 AM
 
Dear Mac Fellow, I need some help here.

My parents trusted a wrong person, who related close to them, and invested a large portion of their retirement savings to a start up company. I just found out a few hours ago, as they give me the company shareholder certificate as a X'mas gift on their visit.

I researched the company/person for a few hours on the net, and 99% sure it is a 'legal' scam. I won't go into detail for now. Basically, it is a home business, register in another city in North America, my parents paid Cash for exchange a shareholder certificate, and cannot sell it for X period of time.

Yes, they are stupid to believe his word. But my parents are not greedy and want to make some quick money. They are honest people. When my Father started up his business many years ago, no one beside my Mother supported him. They ate only one lunch box each day for nearly a year to save up money for his business. Now they have some extra money for me to have University education w/o worrying about part time income, but we are not rich, good enough to everyday life.

They figure while their saving sitting in the bank, and they are not going to spent it all now(my parents are old and living very simple life.), why not help someone close to them, have a better gain on the saving, and hope I will have a better start than them after I finished my education.

Of course, the problem is - The whole company thing is a scam.

Anyone know where I can start to help my parents?

John
     
Mastrap
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Dec 24, 2003, 06:00 AM
 
Start by posting details. We can't help if we don't know what this is all about.

But be careful - don't state anything here that could land you in trouble, i.e. nothing libellous.
     
Blue Flame
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Dec 24, 2003, 06:12 AM
 
my advice would be not to look to an online forum like this for help, go see a lawyer.
     
typoon
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Dec 24, 2003, 10:12 AM
 
Originally posted by Blue Flame:
my advice would be not to look to an online forum like this for help, go see a lawyer.
I'd Second that.
"Evil is Powerless If the Good are Unafraid." -Ronald Reagan

Apple and Intel, the dawning of a NEW era.
     
brachiator
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Dec 24, 2003, 10:22 PM
 
Originally posted by Blue Flame:
my advice would be not to look to an online forum like this for help, go see a lawyer.
Yes, I concur, as a lawyer, albeit one who does not practice in this field. You need to talk to someone expert in this field, who can evaluate the risk to your parents and the options available to them. You should do this as soon as possible, for a variety of reasons, but especially because your parents may have rights that might expire the more time goes by.

Based on the little information you've provided you need to find a lawyer who specializes in securities fraud. Depending your state of residence, the state bar association might have a certification program or lawyer referral service. Additionally, you might get some help or information from the Securities and Exchange Commission. Here is a link to the SEC's investor info page, and here is a link to the SEC's lawyer referral page (linking to state bar associations).

good luck
     
brapper
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Dec 24, 2003, 10:27 PM
 
brutal. I'm hearing about more of this everyday. If you know him, I suggest having a lawyer write an intimidating letter stating the course of action that you will take (if you can at all...) as the first step. Hopefully it'll scare them into refunding your parents money. Then, go for the throat.
     
OreoCookie
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Dec 25, 2003, 12:23 AM
 
Originally posted by brapper:
brutal. I'm hearing about more of this everyday. If you know him, I suggest having a lawyer write an intimidating letter stating the course of action that you will take (if you can at all...) as the first step. Hopefully it'll scare them into refunding your parents money. Then, go for the throat.
Tell your parents asap. Prepare this by getting relevant information and print it out. Also rely on sources that they know that they can trust (government, etc.). Make it an urgent matter.

Get addresses and everything ready. If you are positive that this is scam, advise them to take a lawyer first.

A few people were right, this scares many of them. Don't forget the trust that your parents have in that guy, he could (and I suppose he will) use it for his own good.

However, don't take the actions that your parents should take, they might be emotionally hurt in their pride if you take steps they should've taken.

You know, your parents are honest people, but they have taken the only bait these �businesses' have: �greed'.
I don't suffer from insanity, I enjoy every minute of it.
     
CMYKid
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Dec 25, 2003, 12:48 AM
 
regardless, post details here. If for no other reason than edification of the members and at best someone here will head off at the pass a similar situatuon in their own life.

Dont really worry about "libel" here...THAT issues been gone over and repeatedly put to bed right here on MacNN in the past...
     
Buckaroo
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Dec 25, 2003, 02:35 AM
 
Originally posted by CMYKid:
regardless, post details here. If for no other reason than edification of the members and at best someone here will head off at the pass a similar situatuon in their own life.

Dont really worry about "libel" here...THAT issues been gone over and repeatedly put to bed right here on MacNN in the past...
I'm not so sure your statement is true. If I recall correctly, when Macnn was served for posts concerning JC Morris, they eventually deleted the whole thread. Well, I couldn't find it, maybe it's still here somewhere. BTW, JC Morris is currently in Jail awaiting trial.
     
Apple_John  (op)
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Dec 25, 2003, 04:22 AM
 
Thanks for the reply.

I will talk to my parents about it after X'mas. Since they trusted him a lot, I guess I have to prove it before they are willing to see a lawyer... Or I might have to hire one myself.

I know I should go straight to the lawyer if I find some hard evidence, but since it involved big family/friend/face things. I am thinking I go see him with evidence and demand the money back... (please tell me don't)

Thanks for the support and Happy Holiday.

John
     
OreoCookie
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Dec 25, 2003, 10:51 AM
 
Originally posted by Apple_John:
Thanks for the reply.

...

I am thinking I go see him with evidence and demand the money back... (please tell me don't)

Thanks for the support and Happy Holiday.

John
That's just showing off your weakness to him, do you really want to do that?

Not letting him know what you know is a huge advantage that you mustn't give up.
I don't suffer from insanity, I enjoy every minute of it.
     
CMYKid
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Dec 25, 2003, 11:41 AM
 
...still plenty of posts about JC Morris, and since he's incarcerated I'd doubt they're too worried about the repercussions. The guy apparently actually was a bit off in the head, so he may have actually thought that suing MacNN members could work. Libel and slander and such are tricky things to prove, and even then you generally need to show actual damages to recoup any money.

My point actually was just that: JC Morris was a pretty sizable scam empire that was essentially brought down in great part through the efforts of the MacNN community (and yes, sure, there were others but of course [b]we're[/] the important ones in THIS discussion!). In all seriousness, it's that sort of sense of community and the willingness to help out other Mac users that makes this such a great place. I'm sure I'm not the only one that participated in that thread here and later saved a friend or two from losing their money based on what I'd read here.

Remember the guy that was scamming people who were trying to buy G4 Powerbooks on ebay? A guys got taken, posted it here, a few other people chimed in with similar stories, next thing you know MacNNers are doing covert reverse-lookups on the guys Nextel, another MacNNer who lived in the same city photographed the guys house and the cars outside, from that they were able to call the local PO-lice, set up a fake auction, have a cop deliver the computer and arrest the guy....end result, a huge ebay scam ring being brought down by people that care about their own. Thats why we come here...

Besides, now I'm just curious what the deal is with the scam his parents got into.



for those who're now curious... http://forums.macnn.com/showthread.p...threadid=58669
     
brachiator
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Dec 26, 2003, 08:05 PM
 
Originally posted by Apple_John:
Or I might have to hire one myself.

I know I should go straight to the lawyer if I find some hard evidence, but since it involved big family/friend/face things. I am thinking I go see him with evidence and demand the money back... (please tell me don't)
John, you should consult a lawyer first, before you do anything else. Regardless of whether you have the "hard evidence" you are seeking, you need to determine a few important things that the lawyer can help you sort out.

For example, what are your rights as possessor of the stock certificate, by the terms of the certificate and under the applicable state and federal laws? What are the obligations and rights of the issuing company? What avenues of recourse and relief are available to you and when? When/if do your and your parents' rights expire?

I don't think that confronting the guy is a good idea, at least not (if ever) until you get the answers to these questions from a knowledgeable professional or government agency. You also might alert the s.o.b. that you are on to him, when you don't really know what to do other than to threaten and cajole. Not a good plan to confront and bluff, better to wait until it is in your strategic interest and control to make him aware of what you know, as was pointed out above by another poster.

I'm not exactly clear from your posts just who is currently the owner of the stock certificate, you or your parents, but if you consult a lawyer on your own there is no reason anyone else in your family should learn of your consultation, unless you tell them. You, not your parents, would be the client or potential client, and the conversation would be confidential. It might also make whatever conversation you have with your parents about this go smoother if you have ready answers to what the law says and how you could proceed.
     
Apple_John  (op)
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Dec 29, 2003, 07:50 AM
 
Thanks, you guys reponses claim me down.

My anger took control of me. I am mad about the situation, the way that the person lied to my parents, the stupidity of my parents and how easy they trusted others.

Thanks again you guys, stopped me to do something even more stupid (go to his place and confront him).

So far, all I got is the company name, that person full name, and very very brief info about his company, all from my parents' month. I have asked my parents to ask him to send me some printing about his company. Once I got it, I will go see a lawyer.
     
   
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