Are you an idiot?
Not sure how to answer that question? Here’s a simple test – would you send money to a brokerage firm that told you they had:
* An office building “in the heart of the financial world at 110 Wall St., 11th Floor.” The actual office can be found at 3767 Victory Blvd., next to a martial arts school and a bakery.
* Props from George Soros, who is quoted as saying: “Alone, the Gryphon Financial are incredible, together they are unstoppable.”
* A ten-man trading desk (which Gryphon’s newsletter describes as being key members of its “hardcore business”)
* An alleged profile from the FT:
Financial Times Reports – this secret group has identified as the latest hedge fund to exploit the weakening sub prime markets – pounding stocks down to nothing and making billions along the way, one hedge fund run by this group had been rammed to see returns of over 1000% in 2007. Together we beat up hedge funds that are said to have realized over 20 million from one trade.
* Huge-ass returns: “One client, who shelled out $100,000, allegedly was told that a “similarly situated” investor earned a return of 1,600 percent. And Gryphon trumpeted that its investments were ‘up 1,324 percent in total compounding returns in the last 16 years,’ when in fact Gryphon was only formed in 2005.”
If any of this would encourage you to send this firm hundreds of thousands of dollars, AS MANY INVESTORS ACTUALLY DID, then yes, you are an idiot.
18 people behind this scam were arrested and all of them have already plead guilty. All idiots as well.
And we are all idiots because our tax dollars are going to pay for the legal proceedings when an old-fashioned ass kicking in the parking lot would surely do the trick.