I\’m always a sucker for responding to get rich quick ads. I\’m always wondering whether anyone ever comes up with anything new, or whether it\’s just the same old, same old, tricked out with a few new words.
So when a man who claims to be Bernard Eley emails me with an introduction to the Ultimate Entrepreneur Club I\’m back in there subscribing like a shot.
So, just what is the Ultimate Entrepreneur Club?
" The Ultimate Entrepreneur Club was established 15 years
ago, and provides a practical, global financial educational
programme to help you learn how to legally avoid taxation,
protect your assets avoid the burdens of credit and debt
and make profits well above the norm.
The Ultimate Entrepreneur Club, is able to "pool", money
from their members, then invest the total amount into
Medium Term Notes, where past experience has shown that
members have doubled their investment in approximately 100
days, or 4 times in 12 months. That\’s around 1% compound
interest per day!"
My word, gosh, that\’s exciting! What are Medium Term Notes?
"Thank you for requesting more information on how you can
participate in an investment that can Double Your
Investment every 100 days by investing in "Medium Term
This particular investment body, is normally reserved for
Banks and Large Corporate Companies, due to the minimum
investment being beyond the reach of most normal
Hmm. That sounds amazingly like the Prime Bank Guarantee funds which were around in the 90s. And as a part of the come on I was told to listen to a conference call and yes, they were indeed exactly like those PBG funds.
You see, there\’s this special supper sekkret part of the financial system where only the very biggest players are allowed to gambol. Risk free returns of 1% per transaction and it\’s possible to complete a transaction in only a day, starting all over again the next!
But you, as an individual, can\’t take part: you\’ve got to band together with these fearless upholders of your right to make money so that you can gain such coveted access.
Now, I have to admit that I don\’t know whether this stunningly easy to turn down invitation really does come from Bernard Eley, although the email is indeed signed as follows:
Tel 01453 542818
Mob 07793 942436
And there is indeed a Bernard Eley apparently living at that address.
Free Directory Enquiries 01453 542 818 B ELEY NIBLEY HOUSE FARM NORTH NIBLEY DURSLEY GLOUCESTERSHIRE GL116DL Map Photo More Info
Electoral Roll 2002 – 2007 Sign in or register and get credits to view full details Full Details BERNARD ELEY XXXXXX XXXXX XXX XXXXXX XXXXX XXXXXX DURSLEY XXXXXXXXXXXXXXX XXXXXXX Age guide: 40-44 (?), other occupants JOSEPHINE ELEY
Director Report Sign in or register and get credits to view full details Full Details BERNARD MARTIN ELEY XXXXXX XXXXX XXXXX XXXXXX DURSLEY XXXXXXXXXXXXXXX XXXXXXX Age: 41
But let me just be clear here. In my opinion The Ultimate Entrepreneur Club is a scam, a fraud, it\’s of the type known as an advance fee fraud. You stick your money in and it never comes back as the fraudsters gallop over the horizon with the cash, in my opinion at least. It might also be described, again in my own opinion, as a Ponzi scheme.
Now of course, Bernard doesn\’t know that this is a fraud, he\’s an unwitting dupe of those behind the whole plan. But I would seriously suggest to Mr. Eley that he disassociate himself from this transparently fraudulent programme as fast as he can.
It\’s also possible that Bernard isn\’t even aware that his name is being used in this scam, in which case I suggest that he attempt to find out who is and gets them to stop using his name.
Because this is a scam and anyone who enters it will lose their money….in my opinion of course.
Update: having called Mr. Eley, yes, it is him and he is involved….and while I\’m not a perfect reader of people, it does sound like he doesn\’t understand what is going on. I\’m awaiting a phone call from the next person up the chain with bated breath!
" Hi Tim,
Thankyou for your email.
I have a colleague called Derek Higgins from The Ultimate Entrepreneur Club, who has already invested in the Medium Term Notes.
It would be good if you could speak to him as he will be able to explain more about the opportunity, how it works, and the application process etc."
Update II: So I get the call from Derek Higgins and he patches in "Nigel", a "Stage II Manager" for the UK (I think I\’ve got that right). Firstly I\’m told that Medium Term Notes do indeed exist (and indeed they do, I\’m referred to Close Brothers at: http://www.closebrothers.co.uk/mtn.asp to see a fairly standard commercial paper-ish programme). But no, you don\’t have to be part of an investment club to invest in them. No, there\’s no huge minimum investment necessary. In fact, if you want to invest in medium term notes I\’m pretty sure you can simply phone up a broker and buy some.
Now of course all of this is my opinion, a feeling in my waters if you wish. I simply do not believe that 0.5% to 1% returns daily are possible: I do indeed believe that the financial markets provide opportunities to do that occasionally, but I really don\’t that it\’s possible to make that sort of return day in and day out by trading in medium term notes: which are, after all, only a form of corporate borrowing, something between commercial paper and corporate bonds.
And I certainly don\’t think that if such an opportunity did exist that there would be a club with an upfront fee to join that would be the only way I could take part. At the very least the basic economics of the financial markets makes me think that the profit would have been competed away already (although acknowledging that $100 bills really do sometimes get found on the street).
Certainly, that when I talk to one member of the club, I\’m told that they\’ve only been in for a short time, then I\’m referred to the person who brought them in, who has (I think I\’ve rememberred this correctly) has put $10,000 in a month or two ago and then his backup is a much more aggressive gent who claims to have hundreds of clients in and he\’s been in for a year or more….nope, sounds to me like a pyramid there.
And I really, really, don\’t believe that 0.5% to 1% a day is possible, on a consistent basis, in any financial market.
I wouldn\’t touch it with a bargepole, although your view may differ.
A useful website for those who want further information. Note the similarity with some of the phrases in the proposal.