The disturbing news that many Boholano investors may have  again lost millions –if not their shirts- in the con game of yet another lending investor in the city- should remind folks once again that “suckers are born” every minute per Barnum. And one should strive not to be one of them.

The “Legacy Fiasco” is too recent for us to have forgotten so easily.

When firms promise returns of as high as 20% to10% a month , then investor beware. As we always said in the past –if it is too good to be true- then it is too good to be true. Stay away from trouble –and temper that greed.

Rarely would any business have that kind of return. So the only way the wily con men would pay the first batch is to lure the second batch of suckers so they can pay the interest of the first batch.

When the con men run out of investors -that is when the rope is cut, so to speak, and they leave as fast as one can say “impeach” without the benefit of a by your leave.

Only  those deposits and placements  of Central Bank-regulated banks and quasi deposit taking units are guaranteed by the PDIC insurance coverage for the maximum of P500,000. Even among them, anything in excess of that amount is a real risk.

How much more in unregulated schemes –often described as the Ponzi Gambit-  how could they be safer, profitable though the proposal may seem at first blush.

We hereby call the DTI to be on the watch for this type of crooks by scrutinizing their application papers to operate in Bohol.

So that even if suckers are born every minute, at least the DTI (by being watchful) does not become a party to the creation of a vehicle that will confirm that they are indeed such. Suckers, what else?

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