Hello everyone

I thought i would list today some of the ingenious or not so ingenious ways of getting scammed. So for people who have just started out in this business..be careful to research who you're dealing with and how realstic their offers are.

And One Over on Everyone Else
He got investors to provide capital to purchase commercial office buildings by misrepresenting various facts, including falsely stating that another buyer had been lined up to purchase part of the particular property he was buying, and that the quick sale of a portion of the property would allow him to pay back the investors with a substantial profit in as little as thirty days. He also misrepresented the profitability of the buildings he was purchasing, and, in some instances sold interests in buildings that he had never purchased or owned.
Twice Bitten By Alligators
Thousands of people owning unimproved land in areas of Florida, where such property is difficult to sell, were targeted by a group which told them their properties would be advertised for a full year and that they themselves would buy any which did not sell in one year.
In reality only one or two inexpensive ads were placed in local newspapers in exchange for fees which ranged from $249 to more than $800. None of the ads resulted in sales and no guaranteed purchases were made.
Another group which used tax rolls to gather leads contacted property owners and persuaded them to purchase additional land on the pretext that this newly purchased land could be packaged with the land they already owned and then sold to non-existent European investors at a tremendous profit to the victim.
Building Your Own Poor House
Citi-Equity of California urged investors to buy shares in limited partnerships in order to purchase properties for the construction of low-income housing projects
The promoter assured investors that once the units were rented they could claim up to $9900 a year tax credit for ten years thereby helping the poor and saving taxes at the same time in a government-endorsed program.
By stringing along builders he was able to embezzle about $130 million from 7000 investors who, in addition to their losses, ended up having to pay back the written-off taxes because the project never materialized and therefore wasn't eligible for the tax credits.
Broker's a Flipping Joker
As a new real estate investor, I was referred to a banker/mortgage broker in September 2001 who said I had bad credit and that he would have to pull a lot of strings to help me buy an investment property.
I first had to pay $500 for a commitment fee which would cover an appraisal and a credit report. I then made a $500 earnest payment to his business. I told him about a credit line I had with my credit cards and he suggested that I pull out $20k to have as "show money" so lenders would see that I had back up money.
I then had to borrow money, $8k from my family and girlfriend plus $4k of my own which would go into a "reserve account" for me to buy this property. This reserve account was not in my name, but the business name.
He also said he could invest some of my money from my credit card advances ($20k) for house flipping and that I would get a $6k return. I had $10k cash that he requested with the borrowed money. When I asked for a receipt he gave it to me on notebook paper. When I called the bank with the account #, they told me it was not my name on the account but the broker's brother.
What happened next? His office closed down. He said one of the mortgage brokers stole his files and he had to move my money to save it. It's now supposedly frozen but he cannot tell me where it is at.
He has paid me about $28k back so far and says he has to pay me back from some real estate deals that he has and will give me some more money to compensate me.
I have threatened to take him and his brother down if he doesn't pay. He denies using the money for his personal use or gain. I have a picture of him, which he was so mad that I had my friend take. I am hoping to get more money this week. Do you have any advice or guidance for me?
07/19/02
I Said a Minus 100% Return
10/02 - Selva Carmichael, 41, who wooed investors with trips abroad and promises of a quick return on their money, was jailed for four-and-a-half years for cheating investors in a Spanish property scam.
Carmichael, who operated his company, The Carmichael Corporation, from offices in Bristol, offered people the chance to invest in property or plots of land in the Spanish resort of La Manga.
But soon after the operation began in 1996 "the whole thing was falling to bits". Most of the investors never saw their money again including one woman who lost £100,000.
Despite a police raid on his offices in 1997, Carmichael continued to trade as normal, telling investors that it was "all a mistake" and blaming the police for his problems.
Promising investors that he was going to transform the La Manga resort, the self-proclaimed multi-millionaire, "wooed" his investors with lavish trips to apartments in Spain and promised them a 100% return within six months.
Carmichael pleaded guilty to nine counts of obtaining money transfers by deception and one count of attempting to obtain property by deception. It was not known what Carmichael had done with the money.
Man accused of selling Florida swamp land in classic scam
Associated Press
MIAMI - A Hernando man sold Everglades swampland to unsuspecting investors for more than $300,000 amid false promises that the marshy property would be rezoned for development, investigators said.
Dudley Cohn, 72, persuaded at least 13 people to buy 1 1/4 acre lots for $15,000 each, but each lot was worth only $1,000, according to an arrest affidavit.
Cohn, who was once acquitted of a similar plot, knew that the U.S. government was going to buy the properties at low prices to add them to Everglades National Park, the affidavit said. Nor did Cohn disclose to buyers Miami-Dade County restrictions that require each home in that area have at least 20 open acres around it, the affidavit said.
"Our case starts in 1988 with different victims and different properties, although the properties were in the same general area" in both cases, said JoAnn Carrin, spokeswoman for the Florida attorney general's office.
He was arrested Tuesday and was being held in the Citrus County Jail pending transfer to Miami, Carrin said Thursday. He was charged with first-degree organized scheme to defraud, which has a maximum penalty of 30 years in prison.
It could not immediately be determined Friday if he had a lawyer. Cohn faced the same accusations 22 years ago. A judge acquitted him of felony "organized scheme to defraud."
Cohn conducted his business through Florida corporations named Moving West Corp., Dudco and Westwood-Ho, officials said.
Cohn also is accused of pressuring buyers into making accelerated payments to him in order to collect the money before the federal government moved to acquire the property for much less than the original selling price.
The purchasers only found out about the federal government's plan to acquire their land after they received their deed and their names and addresses became public records. When they confronted Cohn, the affidavit said, he was evasive and told them not to worry or to fight the government.
Juan Lubian, 41, of North Miami, said he lost about $21,000 on a worthless lot.
"But I thought it was a sure thing; you buy land, it sits there forever. I thought it was perfect for retirement," Lubian said Thursday of the 1989 transaction.

__________________
Mentor Invest Real Estate
www.mentor-invest.com

the best advice here is from an agent , if it sounds to good to be true, it probably is.