Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Former College Football Coach Accused Of Running A Ponzi Scheme

Friday, August 17, 2012 - 6:44 AM
From the New York Times
Federal regulators have accused a Hall of Fame college football coach of running a Ponzi scheme that defrauded fellow coaches and his former players.

Read more

This is another example of affinity fraud. Clark Howard describes why so many people fall victim to this:
Affinity fraud can happen when you're dealing with people who are "like you," hence the name.

Human nature dictates that we let our guard down when we're approached by someone of the same religion, race, profession, etc. We suspend the normal skepticism that we might have when hearing a pitch from a stranger.

2
Ken TuminKen Tumin5,468 posts since
Nov 29, 2009
Rep Points: 125,029
1. Friday, August 17, 2012 - 10:04 AM
Human nature dictates that we let our guard down when we're approached by someone of the same religion, race, profession, etc. We suspend the normal skepticism that we might have when hearing a pitch from a stranger.


That's true.  I'm a sucker for a pitch from a ray-gun toting baby with a head shaped like a football....
6
StewieStewie56 posts since
Jan 18, 2010
Rep Points: 318
Reply