A little more than three years ago, 87 investors learned that they had been scammed and that $8 million had disappeared in a Ponzi scheme based in West Vancouver. Coast educator and musician Michael Maser was among the 87.
Next Wednesday, April 10, he and SunCu certified financial planner Sandy McBride will present a free workshop at the Gibsons Public Library, Protecting Yourself Against Fraud.
Ponzi schemes are named after the original Charles Ponzi who used funds from new investors to pay older investors who thought they were receiving a profit. Many victims are too ashamed to admit that they have been conned and so the schemes continue. In this case, Maser had trusted the scam artist - the man's children were in Maser's class - and though Maser is also embarrassed he hopes that sharing his experience will help others determine the difference between the scams and the legitimate high risk investments.
"What could we have done to protect ourselves from this fraud at the outset?" asks Maser, and it is one of the topics he will cover in the workshop.
We are all vulnerable to widespread frauds and scams that hit on us from the Internet and from trusted groups, Maser said. He will also talk about a particularly nasty one that took place on the Coast more than six years ago.
"Neither Sandy McBride nor I are seeking to gain anything from this except to help educate people about pitches increasingly coming their way, and how to heighten personal security," he said.
The workshop is on Wednesday, April 10 from 6 to 7:30 p.m. at the Gibsons Library. Phone the library at 604-886-2130 for more details.
