Fake bank in China scams $32 million from customers

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So, does China have no way of certifying that a bank is legit? Because I know that there’s a sucker born every minute, but $12 million of this is from one guy.

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2% a week? Where do I sign up?!?!

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Why do I never think of these schemes first?

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I wish that I didn’t have a conscience – I could be a great alt-med snake oil salesman.

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I have a high potency homeopathic pill that cures exactly that! Just send me your bank account details…

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That is one heck of a scam!

They rented and setup a physical location, had staff and payroll, and presumably were actually tracking balances, allowing people to make withdrawals from their deposits etc. Wouldn’t they have to be able to issue atm cards and mastercards/visas and the like? Have routing numbers to receive and send money? They ability to deposit checks from other banks and issue checks? I don’t get how such an operation couldn’t leave a huge trail back to the perpetrators, and pass all the checks and third party integrations in order to operate on any level. I just don’t…wtf…

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“Real bank in USA scams $10 billion out of taxpayers”

There I fixed it

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Changed my mind – gonna drown my conscience and go into religion:
Pat Robertson advises elderly woman: Reverse mortgage is ‘good deal’ to help pay ’700 Club’ dues

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It really sounds like just another Ponzi scheme. Probably, they told their customers that they didn’t offer all those standard bank services and functions (if they even have some of those in China–no idea if they do, or what form they take) because they were too busy investing the funds and making their customers mad cheddar. Quite a number of people (including, in the Bernie Madoff case, people who should have known better) are willing to believe in that magic black box as long as more money comes out than goes in. Also, lots of companies have credit cards that are actually rebranded cards from other banks and companies.

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