The so-called advance-fee scam is becoming a common rip-off scheme.
Where did all those millions go? Dodakian and Wu spent hundreds of thousands of dollars of the proceeds from their criminal acts on personal purchases. Specifically, Dodakian used victims' money for mortgage and college tuition payments, and Wu bought luxury goods and diamond jewelry worth $17,000. In addition, Dodakian withdrew over $600,000 of victims' money in cash, and Wu withdrew nearly $200,000.
As a result of the fraudulent schemes perpetrated by Dodakian and Wu some victims lost their life savings and their homes, and two victims were unable to afford healthcare expenses related to chronic illnesses. This idiocy is far more than a financial crime. This is a human tragedy.
READ THE ENTIRE ARTICLE AT:
Why do we say that we "take" a crap (or an even more impolite word) when we go to the bathroom, but we say that we don't "give" a crap when we don't c... Read On
FINRA Margin Arbitration Proves All That Glitters Is Not Goldman Sachs(BrokeAndBroker.com Blog)http://www.brokeandbroker.com/5642/finra-arbitration-ma... Read On
The nature of a so-called "demand" loan is that you're not entitled to notice. It's a pay up when we demand repayment. Wall Street's margin loans are ... Read On
The South Park Gnomes had Phase 1: Collect Underpants. The Gnomes had Phase 3: Profit. What the Gnomes never had -- could never quite figure out -- wa... Read On