stamp fraud

[celia s]

http://www.guardian.co.uk/spain/article/0,,1772157,00.html

What is the latest news in Madrid about the stamp scandal? Do you know anyone personally that has invested money in Afinsa and Forum Filatelico?

[Ben]

We don't know anyone that was involved, but I have heard that it went to the highest levels of society - this wasn't just a con on the less intelleligent sector of society, there were even politicians involved... so I've heard...

[richardksa]

There's an implication there that politicians are not in the less intelligent of our society. You're just not following the British news, Ben. I can't see Prescot et al ever joining mensa!!;)

[greytop]

There's an implication there that politicians are not in the less intelligent of our society. You're just not following the British news, Ben. I can't see Prescot et al ever joining mensa!!;)
I´ll bet he's getting paid more for doing less than you though! Maybe not so daft after all!

[richardksa]

After watching Sky News over the weekend I feel his days are numbered.

[cubix]

Can someone explain to us non brits or spanish people is going on. I tried to read the news article and well it didn't make much sense

[greytop]

Can someone explain to us non brits or spanish people is going on. I tried to read the news article and well it didn't make much sense
Briefly a couple of firms that supposedly invested peoples' money in postage stamps were set up and attracted a lot of investment with their offers of a good rate of interest. They were unfortunately (allegedly) running a pyramid type scam that paid new investors money out to repay older investors interest. They were not buying sufficient stamps to cover invested money. A lot of people were taken for a lot of money and last I heard the directors of the companies involved were in gaol whilst the police investigated.
Not the first and probably not the last time this type of fraud will happen!
If it looks too good to be true it probably is....

more in English http://news.bbc.co.uk/1/hi/business/4757741.stm

[cubix]

Briefly a couple of firms that supposedly invested peoples' money in postage stamps were set up and attracted a lot of investment with their offers of a good rate of interest.

Investing money in postage stamps, seems very sketch, or atleast from an American's point of view, we put our money into stocks(Small Part of a company)

[celia s]

The international stamp market is worth an estimated $13 billion a year!
It's hard to believe isn't it?

[cubix]

Where talking about like the postage stamps right?

http://en.wikipedia.org/wiki/Philatelic_investment

[guapo]

on a similar front, there was also some good news on the timeshare scam front this week:

timeshare fraud crackdown (http://www.guardian.co.uk/spain/article/0,,1784361,00.html)

The eight people arrested were responsible for over 300 companies that defrauded over 15,000 people. They also employed thousands of those annoying touts that always bug you whenever you are on holiday in Spain.

[celia s]

yes,the collectible market,is big buisness!

http://www.bonhams.com/cgi-bin/public.sh/pubweb/publicSite.r?sContinent=USA&screen=Stamps

[cubix]

yes,the collectible market,is big buisness!

http://www.bonhams.com/cgi-bin/public.sh/pubweb/publicSite.r?sContinent=USA&screen=Stamps

I guess, I have a friend who has a very large coin collection, dating back to the 1800's, but I never knew that people invested into them. I learn something new from NFS every day