Investigation of "free lunch seminars" reveals fraud

[brewer12345]

I am shocked, shocked I tell you!

Probe of Seminar for Seniors Finds Fraud: Financial News - Yahoo! Finance

[FinanceDude]

Quote:

Originally Posted by brewer12345 I am shocked, shocked I tell you! Probe of Seminar for Seniors Finds Fraud: Financial News - Yahoo! Finance

I'm stunned....well no...........

[Dawg52]

Funny you post this today. I friend called me over the weekend and told me that he had received a letter from a guy that invited him to come to a "free" lunch seminar on ways to lower your taxes. Said the guy was a financial adviser.

I told him he might have some good tips but he has to be paid some how. He hopes to get you hooked and then at some point, offer you products or more detailed advice for a fee. My friend is a perfect sucker as he never did a good job of saving and still works at the age of 70. A pretty sad case but thats another story.

[LOL!]

Fill in the blank:

"There is no such thing as a ________ lunch."

I'm sure 99.999% of folks who go to these things would be able to fill in the blank correctly. Nevertheless that still leaves the sucker that was born in a previous minute.

[FinallyRetired]

Quote:

Originally Posted by brewer12345 I am shocked, shocked I tell you! Probe of Seminar for Seniors Finds Fraud: Financial News - Yahoo! Finance

Hey, I just posted the same thing in the Other forum. Goes to show warped great minds think alike.

[ats5g]

I wonder is Nords has been to a presentation by Mark Teruya and Senior Resources of Hawaii, Inc.. The SEC's complaint is hilarious.

[packrat44]

Free lunch! Did somone say free lunch? Sign me up.

I also signed up with my uncle in 1966 when he offered free medical for the rest of my life as long as I worked for him a minimum of 20 years. Apparently I was mistaken about all that was involved in "free" medical.

[bssc]

Quote:

Originally Posted by ats5g I wonder is Nords has been to a presentation by Mark Teruya and Senior Resources of Hawaii, Inc.. The SEC's complaint is hilarious.

I suspect Nords is too young to be targeted. Everyone knows that people his age couldn't be Financially Independent.

I get these invites all the time. They have a font which makes it look like it was hand addressed for that personal touch.

I can see why they are pushing it, 12 to 14% commissions just to sign up would be very tempting and safer than other ways of getting money, especially $2 million worth. Good to see the SEC is on the case.

[Moemg]

I figured the people who ran the seminar were claiming fraud because the same elderly couple showed up at every seminar and basically ate their way across the US for free.

[FinanceDude]

Quote:

Originally Posted by bssc I suspect Nords is too young to be targeted. Everyone knows that people his age couldn't be Financially Independent. I get these invites all the time. They have a font which makes it look like it was hand addressed for that personal touch. I can see why they are pushing it, 12 to 14% commissions just to sign up would be very tempting and safer than other ways of getting money, especially $2 million worth. Good to see the SEC is on the case.

EIA's??

[packrat44]

In Friday's mail I received another invite for a "free" dinner.

When entering the person's name in an internet search I found he was found guilty of fraud by the SEC a number of years ago and was given a fine along with an order to cease and desist.

Suppose he has cleaned up his act and reformed? Yeah, right!

[Nords]

Quote:

Originally Posted by ats5g I wonder is Nords has been to a presentation by Mark Teruya and Senior Resources of Hawaii, Inc.. The SEC's complaint is hilarious.

Good catch, that story just broke Saturday!
Starbulletin.com | News | /2007/09/08/
Honolulu Advertiser
I see the guy's Midweek ads all the time. The local newspapers will lose a lot of his ad revenue from the $2M in EIA commissions that he's collected.

Sadly I've never been offered a chance to get in on the ground floor of these exclusive offers. But now that the SEC's jack-booted harassment is chasing away all the faint-hearted wannabes, I'm sure Mark will be able to find room on his calendar for the little guys like me!

I won't say that this is a recurring problem in Hawaii, but companies like Schwab will hold "free" dinners where they'll seat interpreters at the tables for potential clients with slower English skills. I'm sure it's a coincidence that the solicitously attentive Mandarin speaker next to the elderly gentleman happened to be a drop-dead gorgeous 20-something Asian woman.

[ats5g]

My favorite finding from the SEC was:

Quote:

100% of the "seminars" were instead sales presentations. While many sales seminars were advertised as "educational," "workshops," and "nothing will be sold," they were intended to result in the attendees' opening new accounts and, ultimately, in the sales of investment products, if not at the seminar itself, then in follow-up contacts with the attendees

I'll bet Mr. Teruya will go onto Real Estate Seminars like Kiyosaki.

[Achiever51]

Must be the high season for these seminars. I got two invites over the weekend and my DH got one.

One of the invites directed to me was for a dinner seminar designed specifically for women titled: Five Habits of Financially Successful Women, being offered on three different nights -- and I can even invite three friends to attend as my guests. "This program is for women of all ages who want to learn how to reach their financial goals and objectives...Learn how successful women take charge of their finances...What traits do millionaire women possess?...Learn how your everyday decisions are impacting you!" "No obligation."

Hmmm, all this and a free dinner too? What could possibly be wrong with that??! Yes indeed, why would anyone be suspicious of such a gracious invitation??

[unclemick]

I have four 'educational tickets' for some pretty good BBQ(I've eaten at this place before) north of Kansas City.

Rats - that means I'm old! - Right?

heh heh heh - they are so educational they won't even disclose who they are.

[DRiP Guy]

Quote:

Originally Posted by Nords I'm sure it's a coincidence that the solicitously attentive Mandarin speaker next to the elderly gentleman happened to be a drop-dead gorgeous 20-something Asian woman.

Yup. And it's a similar co-rinky-dink that our outside sales people have gone from looking like this:



to this:

[unclemick]

Hmmm - looks a lot like the sweeties(Pharma sales reps) at my Docter's office when I'm stuck in the waiting room.

heh heh heh - they don't seem to wait much at all.

[CuppaJoe]

Am I on the wrong thread? My great-grand father ran "free lunch seminars." His business was called a tavern; he advised his attendees on where to hunt up in Canada.

[clifp]

Quote:

Originally Posted by Nords Good catch, that story just broke Saturday! Starbulletin.com | News | /2007/09/08/ Honolulu Advertiser I see the guy's Midweek ads all the time. The local newspapers will lose a lot of his ad revenue from the $2M in EIA commissions that he's collected. Sadly I've never been offered a chance to get in on the ground floor of these exclusive offers. But now that the SEC's jack-booted harassment is chasing away all the faint-hearted wannabes, I'm sure Mark will be able to find room on his calendar for the little guys like me!

Darn I am bummed I was going to attend one of those seminars. Nord's if you've never gone to an EA Buck seminar or watched him on TV you are missing out.

Quote:

I won't say that this is a recurring problem in Hawaii, but companies like Schwab will hold "free" dinners where they'll seat interpreters at the tables for potential clients with slower English skills. I'm sure it's a coincidence that the solicitously attentive Mandarin speaker next to the elderly gentleman happened to be a drop-dead gorgeous 20-something Asian woman.

I've been to numerous Schwab seminars and have not yet been seated next to drop-dead gorgeous 20-something Asian woman. Believe me if they were present I'd notice. I am so bummed my Schwab rep is going to hear about this.

[jazz4cash]

These "unscrupulous, fraudulent and abusive practices " hardly justify use of the word "ENTRAP" in the headline.........I expected something far more outrageous.