There was an article on 13th June the New Paper on Sunday, about a famous conman during the early 90s, who cheated 194 people of $8 million.
His investment scams were pyramid-like, but many features of that scams are similar to many schemes of today...be it direct selling, investment, commodities trading etc etc
- Boss who is 'a charismatic smooth talking businessman, and who 'oozed wealth and success'. Even if this statement sounds ridiculous, its almost always a trapdoor for many objective, highly educated Singaporeans. They were vague as to what the business plans are or have not met him for long, but people were attracted by his persona, and to the extent willing to stand by him!
- Legions of minions who 'appeared rich looking and boasted they received high returns'. A.k.a kakis who do nothing but wearing expensive apparel and sport gold watches, and sitting around praising their boss to high heavens. Many were attracted to the schemes coz 'there are already a bunch of people who were touched by Midas' hands'
- Vagues business plans. In this article, the conman did not even bothered to explain his business plans to his investors, yet 194 people invested thousands of dollars each into the scheme. Some investors 'gained confidence' by his personality, but confided that they did not give serious thoughts to the loopholes.
- Lots of brainwashing sessions held at companies premises, which someone once remarked that it resembles Hitler's torchligh parade. Not much on business, not much on products, and they were all happy about it. (This refers to certain companies)
And many more...
Compare these with many purported scams of today, which now target un-streetwise teenagers. Reading through the topics in Kopitiam, one cant help but to note whatever happened in yesteryears are repeating itself..with vengeance!
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Pushing this up for comments..