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YOU CAN'T CHEAT AN HONEST MAN
Explores the mechanics, regulatory rules, legal issues, and sales variations surrounding "multilevel" marketing scams while offering advice on telling the difference between an investment and a fraudulent scheme
- GenresNonfictionBusiness
100 pages, Paperback
First published January 1, 1998
4 people are currently reading
54 people want to read
About the author
James Walsh
162 books4 followersLibrarian Note: There is more than one author in the GoodReads database with this name. See this thread for more information.
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Displaying 1 - 6 of 6 reviews
August 3, 2007
You Can’t Cheat an Honest Man, James Walsh, Silver Lake Publishing, 1998
This book looks at pyramid scams, Ponzi schemes, multi-level marketing, and other such "surefire" money makers, which actually are surefire money losers.
Keep it simple; if an operation is too complicated, no one will invest in it. Practically any industry is ripe for scam artists, from real estate to travel to technology. Tax havens and tax dodges are a very popular field for thieves. Schemes run by so-called "investment advisors" or "financial planners" are the most favored area for scammers, but commodities and precious metals are a close second. Scams can come in a seemingly infinite array of shapes and sizes.
Their continued success is based on several human emotions. Family ties are very strong; people are reluctant to attack, or sue, the uncle or cousin who got them into this scheme. People are also reluctant to let others know that they have been scammed; it’s easier to keep quiet. The most important emotions are pure greed and gullibility. Who can resist a "no-risk" investment with a double digit return?
What can a victim do? Some agency like the state Attorney General’s office or Federal Trade Commission will have jurisdiction over your case; make friends with them. Go after the people who got money out of the scheme before it collapsed. While the scammer was in business, they were advised by banks, lawyers and/or accountants; don’t be afraid to go after them. Last but not least, when the scheme reaches bankruptcy court, as it will (Ponzi schemes have a 100% failure rate), don’t be afraid to fight like a caged animal for your money. No one else will do it for you.
This book is excellent and very easy to read. Anyone can say that they would never be caught anywhere near such a scheme. Remember that the next time a friend of a friend goes on about this incredible, "no-risk" money making plan, and read this book first.
This book looks at pyramid scams, Ponzi schemes, multi-level marketing, and other such "surefire" money makers, which actually are surefire money losers.
Keep it simple; if an operation is too complicated, no one will invest in it. Practically any industry is ripe for scam artists, from real estate to travel to technology. Tax havens and tax dodges are a very popular field for thieves. Schemes run by so-called "investment advisors" or "financial planners" are the most favored area for scammers, but commodities and precious metals are a close second. Scams can come in a seemingly infinite array of shapes and sizes.
Their continued success is based on several human emotions. Family ties are very strong; people are reluctant to attack, or sue, the uncle or cousin who got them into this scheme. People are also reluctant to let others know that they have been scammed; it’s easier to keep quiet. The most important emotions are pure greed and gullibility. Who can resist a "no-risk" investment with a double digit return?
What can a victim do? Some agency like the state Attorney General’s office or Federal Trade Commission will have jurisdiction over your case; make friends with them. Go after the people who got money out of the scheme before it collapsed. While the scammer was in business, they were advised by banks, lawyers and/or accountants; don’t be afraid to go after them. Last but not least, when the scheme reaches bankruptcy court, as it will (Ponzi schemes have a 100% failure rate), don’t be afraid to fight like a caged animal for your money. No one else will do it for you.
This book is excellent and very easy to read. Anyone can say that they would never be caught anywhere near such a scheme. Remember that the next time a friend of a friend goes on about this incredible, "no-risk" money making plan, and read this book first.
November 5, 2015
The author gives a brief history of Ponzi schemes and their original creator Charles Ponzi. Thereafter follows an individual examination of a long list of scams, pyramid schemes, multi-level marketing (MLM) and general rip-offs.
Each scam is used to highlight some interesting technical, financial or legal point. The sheer number of Ponzi schemes and subtle ways in which one can get scammed is staggering.
Quite detailed and a little hard to read - best digested in small bites. Also a little dated considering the surge in Internet usage in the last 20 years. Only covers cases in the United States so might not be that interesting for an international reader.
Each scam is used to highlight some interesting technical, financial or legal point. The sheer number of Ponzi schemes and subtle ways in which one can get scammed is staggering.
Quite detailed and a little hard to read - best digested in small bites. Also a little dated considering the surge in Internet usage in the last 20 years. Only covers cases in the United States so might not be that interesting for an international reader.
November 26, 2010
3 stars is generous for the writing. Its relentlessly repetitive. Having said that, you certainly get a clean, straightforward understanding of how ponzi schemes work.
One of those books you can get the gist of in 2-4 chapters, and never have to look at again.
One of those books you can get the gist of in 2-4 chapters, and never have to look at again.
March 1, 2012
If you want to understand ponzi schemes, this is the book you should read. Not for the financial part of it, but for the understanding the characters. The people who do these things aren't smarter than the rest of us, but they have one thing we don't: balls.
February 10, 2014
Really makes you understand how Ponzi schemes work, but it gets awfully repetitive after a while, suffering from an overabundance of case studies and examples. Could've been much better if trimmed down a little.
April 29, 2013
Soberano coñazo. Es una recopilación sobre los esquemas Ponzi más notorios ocurridos en Estados Unidos.
Displaying 1 - 6 of 6 reviews