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#1

10% Loan interest payback in 6 months

10-09-2005, 04:31 PM

I recently got approached by a bulk commodities broker who says he can return a 10% interest on my money in 6 months. Is this a good deal? Any other low risk bonds or other types of investments that yield higher than this? Any LOWER RISK vehicles that yield the same or higher?

Thanks in advance

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#2

10-09-2005, 04:32 PM

Right on!
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#3

10-09-2005, 04:32 PM

What security does he offer?

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#4

10-09-2005, 04:33 PM

Originally posted by DrinkingHARDER

What security does he offer?

DH

It's a commodities loan.

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#5

10-09-2005, 04:34 PM

When ppl promise me 10% in 6 months, I always wonder why they don't keep this secret....

Seriously, OFTEN when it sounds to good it is, ask him for garantues(at least money back, or a max loss of X %)

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#6

10-09-2005, 04:38 PM

Originally posted by justsexxx

When ppl promise me 10% in 6 months, I always wonder why they don't keep this secret....

Seriously, OFTEN when it sounds to good it is, ask him for garantues(at least money back, or a max loss of X %)

Andre

Thanks for the advise. I only got approached cuz one of his investors finally emigrated out from the Philippines so I was offered the slot. He only deals with people he knows. I'm not sure how commodities work in the US (probably on a mass basis) but the system here in the Philippines is very trader-heavy so the margins can be quite nice. Unfortunately, foreigners get ripped all the time (either by the courts or by tax technicalities) so my being Filipino and related to a cousin of the trader in question helps a lot.

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#7

10-09-2005, 04:39 PM

Since you're online all day anyway, why don't you just do your own day trading?

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#8

10-09-2005, 04:41 PM

Sounds a little too good to be true, 20% Annual return is really appealing. I'm not familiar with commodity loans, but what kind of security do you have?
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#9

10-09-2005, 04:42 PM

Originally posted by crockett

Since you're online all day anyway, why don't you just do your own day trading?

I did that back in 2000--turned $2K into $56K then back to $2K Got out of RIMM and into SCMR and AVCI Thank goodness I didn't put in additional capital.

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#10

10-09-2005, 04:43 PM

Originally posted by WiredGuy

Sounds a little too good to be true, 20% Annual return is really appealing. I'm not familiar with commodity loans, but what kind of security do you have?
WG

Well it's not being offered to anyone else since there's only 1 slot. I basically get my % of the commodity contract as security.

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#11

10-09-2005, 04:43 PM

I think it sounds too good to be true.............BEWARE

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#12

10-09-2005, 04:44 PM

Originally posted by JFK

I think it sounds too good to be true.............BEWARE

True. I'll probably run a small $ test to see what's up.

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#13

10-09-2005, 04:46 PM

Originally posted by $5 submissions

True. I'll probably run a small $ test to see what's up.

Yeah only "play" with money that you can lose...

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#14

10-09-2005, 04:49 PM

Originally posted by justsexxx

Yeah only "play" with money that you can lose...

Yep. Also, losing face is very big in Asian cultures. So I think that's a big disincentive for him, being a relative of a relative would probably keep him straight. Also, the relatives who've been telling me about this deal for over 2 years now would also lose face if this guy is a jackass. Only 1 way to find out.

Thanks for all the feedback, guys!

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#15

10-09-2005, 04:52 PM

Originally posted by $5 submissions

True. I'll probably run a small $ test to see what's up.

man ..........SORRY........... it sounds like a classic SCAM.......It has all the earmarks

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#16

10-09-2005, 05:06 PM

invest it with me
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#17

10-09-2005, 05:08 PM

Originally posted by $5 submissions

Well it's not being offered to anyone else since there's only 1 slot. I basically get my % of the commodity contract as security.

they say that to everyone interested in investing...

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#18

10-09-2005, 05:12 PM

10% in 6 months sounds too good to be true... make sure you got the legal stuff worked out!
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#19

10-09-2005, 05:15 PM

20% guaranteed annually can't be coming from a low risk deal.

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#20

10-09-2005, 05:15 PM

Originally posted by $5 submissions

True. I'll probably run a small $ test to see what's up.

What good does that do? In fact, that is what scam artists want you do to gain your trust....
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#21

10-09-2005, 05:17 PM

One way they hook you is you run the small dollar test, and they return the 10%. then you try again with more, they return again. then you hit them with a big $ amount, and you loose it all.

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#22

10-09-2005, 05:22 PM

Originally posted by pornguy

One way they hook you is you run the small dollar test, and they return the 10%. then you try again with more, they return again. then you hit them with a big $ amount, and you loose it all.

Yup exactly.
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#23

10-09-2005, 05:25 PM

Originally posted by $5 submissions

I did that back in 2000--turned $2K into $56K then back to $2K Got out of RIMM and into SCMR and AVCI Thank goodness I didn't put in additional capital.

That's why you set yourself a limit on how much you invest in the risky stuff and put the profits into long term less risk stuff. You keep using that first $2k and put the $54k in the safe stuff.

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#24

10-09-2005, 07:22 PM

depends on the person. how much do you trust him? does he work for a legitimate company, like cargill?

besides being a filipino (i saw that because i am a filipino and know there are tons of scammers out there), it sounds like a ponzi scam to me...

http://www.investopedia.com/university/scams/scams2.asp

sample filipino scam:
http://www.time.com/time/asia/biz/ma...100595,00.html
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#25

10-09-2005, 07:36 PM

Make sure you protect yourself by asking for early callback guarantees re your loaned amount.

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#26

10-09-2005, 07:42 PM

Originally posted by Mikey

depends on the person. how much do you trust him? does he work for a legitimate company, like cargill?

besides being a filipino (i saw that because i am a filipino and know there are tons of scammers out there), it sounds like a ponzi scam to me...

http://www.investopedia.com/university/scams/scams2.asp

sample filipino scam:
http://www.time.com/time/asia/biz/ma...100595,00.html

I'm American that's why I only buy investment products from the USA. I guess it would help if you're a local or originally from the Philippines--you're probably better able to deal with the hassle, if any. As for me, I stick to the Good Ole US of A. Fairly clean bureaucracy and predictable legal system.

All in all, though, if Gene knows the guy and verifies that the deal is legit, I say she should go for it because a 10% return... outside of certain single stocks is very hard to come by. Usually, the higher the risk the higher the reward. I don't see this situation being any different. Loaner beware though!

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#27

10-09-2005, 08:20 PM

Originally posted by $5 submissions

I recently got approached by a bulk commodities broker who says he can return a 10% interest on my money in 6 months. Is this a good deal? Any other low risk bonds or other types of investments that yield higher than this? Any LOWER RISK vehicles that yield the same or higher?

Thanks in advance

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#28

10-09-2005, 09:26 PM

I think I have an email from Nigeria laying around here somewhere if you are interested?

I would stay away from deals like that. There are always people lout there looking for greedy suckers. If you are approached you should be very wary....

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