Beware of giving references; it could be a scam (remnants of recent scandals)

Every minute a sucker is born (PT Barnaum). Let us not be one

An acquaintance, supposed to be a business consultant (but just doing networking) cajoled me into joining a GC at messenger because an alleged  AAA PCAB contractor plans to go on jv for a big govt project in southern island province. for DPWH.  The supposed contractor

And so she was seeking a AAA contractor too and I said this post know of one who handles huge DPWH project in the said island.   (But I am not close)   

I asked for her papers and she had nothing.  She said she has 4 4ph project and asked her if she is familiar with the funding  She said there is mobilization.   (There is none)  She is a bogus contractor She said she is now in the capital city   But she does not know of anyone I mentioned 

Had I given her the reference, she would have just piggy back on the former using her license.  I got out of the GC.

Bakit may ganuong tao

Pity the seniors - scammer's target (favorite)

Every minute a sucker is born (PT Barnaum). Let us not be one

An acquaintance who is senior like me told me that her bank is texting her to get a million peso loan.  That is strange because a senior citizen like me all ready lacks the capacity to contract an obligation.  So that the mandatory retirement is at 65 because of the declining cognitive function as one ages.

I know I am targetted for romantic scams by alleged lady soldiers in war torn country:   Syria,  Yemen.  The narrative is the same:   they will visit thte Philippines after the tour of duty and will seek advice on investment.  And when the investment is there (the playbook of Nigerian scam is introduced)

Pity the seniors.  Spare us from the scam.

I learned and sadly that somebody is rich in our town gypped a senior couple of their land.  They paid the CGT and had the property transferred  to the name of the rich kababayan?!

Scam in giving change (sencillo)

Every minute a sucker is born (PT Barnaum). Let us not be one

This evening, I bought some essential goods for a famous retailer (financed by ADB)  The problem was in the change.  I   was supposed to  get a change of P4.75.  The clerk gave me P4.50

That is what PRRD hates and it is illegal in DC!

Maybe they just price their goods in whole numbers.   This amount of withheld change can amount to huge number if tolerated.  Multiply by branches and number of customers

A funeral parlor operator who invested in a land deal, lost about P4M in a deal she did not understand, documents and agreements were spurious

Every minute a sucker is born (PT Barnaum). Let us not be one

A former staff who answered my happy NY greetings reported to me that an investor in a memorial park project, who financed the crematorium lost her shirt for that investment.   The land was involved in a huge land dispute and the documents were spurious  

Let us be aware

Paano mantiyope o scam sa sabong

Every minute a sucker is born (PT Barnaum). Let us not be one

1.  Nilalason ang manok, o hindi inaansayo manok o pinupurga

2.  May lason ang tare

3.  May fake website na may agent, pagkatapos nawawala

4. Peke, plastic or aluminum ng tare.

5.   May patuka na libre na may lason.

Kaya galit na galit ang mga sindikato.  

Scams in used heavy equipment business abroad and Philippines

Every minute a sucker is born (PT Barnaum). Let us not be one

This post read into Mike Phua about scams in heavy equipment business especially importation from China, Hong Kong and  even Subic (and we fell for it)   It was said that traders dont earn money if they are honest, only dishonest ones  make money

Typically the scams involve:

1. Switching the unit you reserved for another one,

2.  Copying an original with junk parts,

3.  Getting a reservation rush then:

     1   Getting you buy accessories

     2.   Get additional cash out

     3    Get other conditions

That eventually you back out.

We experienced this:

1.   We were led into an address and wonders of wonders, The same equipment was being brokered by two parties.  One wanted us to see two units at location somewhere in Pampanga, the other one led us to Tipo at SBMA

2.  The unit to be shown to us had a serious mechanical problem a blow by and was being overhauled when arriived

3.  We were led to make a P50K reservation for one of the nice looking painted PC 30 unit.  (Our total outlay for this was P930 unit +  P60K breaker, + P25k 

4.  After we made the P50K we were talking about a P70K breaker (it is priced at P50K elsewhere) and said that was not included in the P50K reservation.  Another reservation has to be made.

5.  After two weeks, when we arranging for the financing, the owner of Y... J...n at Tupi was asking another amount for dp this time.  We had 30 days to complete the financing

6.  The unit was delivered one week after we made the full payment.  Only AR was issued.

7   Up to now there is no delivery of equipment

The said outfit is populated by foreigners from   P.....i  beware of these shenigans

Fortunately for us we got another supplier for 20% at M...ba.for PC 40.     That is with breaker.  We would fit a rubber shoes for P40K we completed the DP last Thursday.  Its almost 3 weeks and what did they do to the unit:  they changed oil, oil and air filter.   And even repainted the tracks.  We hope 

to get delivery in 1st week of January.  

Fortunately for us we got another 

Ghost buyers during nego? Is it a scam or a ploy? But you can be discovered

Every minute a sucker is born (PT Barnaum). Let us not be one

Audit firm shoots down P1.33 triliion super valuation of GH

In one of the nego on a property besides our property, it was frequently mentioned that a former good senator now a head of vast business empire and reputed to be the richest Filipinos (before his accounting shenigan was discovered by a regulatory body of a public corporation) that that guy was going to buy that property this December.    

This post mentioned to the one brokering the deal to stop talking to us if they are concluding the deal with the said good senator.  

Now we know that such former senator whose stocks are suspended from trading would have dearth of liquidity.   He built many parks, inflated the inventory price for the accounting hyper increase in valuation.  But we are not sure of the inflow of sales.  His retail outlets are said to be behind payments and paying suppliers in kinds:    inventories.  Could this be sign of liquidity  challenges? 

This post thought him to be the icon for entrepreneurship for a course being taught by the author (as prescribed in the syllabus) but eventually omitted him subsequently.  He used creative techniques crossing the line to further his business (married a rich wife, used political clout to learn of future highways and buying into the same or causing highways to pass into his landholdings -  that saved him billions in infrastructure; or having take outs in housing financing WHEN OTHERS GOT 0)  It was said that the cause of the demise of a govt  home financing was the multitude of ghost take outs.  

Can he enter, or will he enter into a deal now.?  

And now we were asking for updates if their sales has pushed through and they say it is a big 0. 

Did we see through the scam?  Or the good fmer senator scammed the public for superhigh valuation of his VL  stocks?

Was this strategy a wise move for the said land seller?  Did it not backfire on him?   Would he offer his land again to us?