Frauds And Scams: Can You Be Protected From Them?

1721 words - 7 pages

Do you know the difference between a fraud and a scam? Many believe they are the same thing, as they both cause harm to innocent people. A scam is usually a scheme or transaction costing a victim to lose money or assets. Examples are asking for money for a charity that doesn’t exist, or tries to sell something that don’t belong to them. People who do these type of scams are referred to as Scammers. Fraud on the other hand is more of a deception. Fraud is when someone’s trust or confidence is breached. People who commit frauds do it for money, to discredit others with lies, or to gain prestige, these people are known as fraudsters. Fraud is considered a serious crime where a scam is considered minor in comparison. An example of a fraud is to create a scheme to take someone’s life savings.
Some of the biggest scams were, The Mona Lisa; this is where a man paid a thief to steal the Mona Lisa; then sold copies of the painting. With the painting missing the buyers thought they were getting the real painting. Since they couldn’t tell anybody they bought the painting this scam worked well for Argentinean, Eduardo de Valfierno who paid to have the masterpiece stolen. The selling of New York Landmarks; George Parker convinced tourist that they could buy famous landmarks such as Madison Square Garden, the Statue of Liberty, and the Brooklyn Bridge; Parker was eventually caught and sentenced to life in Sing Sing Prison. The selling of the Eiffel Tower; it was well-known that France was having difficulties keeping up the maintenance on the Eiffel Tower, Victor Lustig convinced a scrap dealer he could buy it; the dealer gave him a huge down payment. When the Dealer found out he had been scammed, he was too embarrassed to turn the scam into the police. “Later, Lustig convinced gangster Al Capone to invest $40,000 in a stock deal. Lustig kept Capone's money in a safe deposit box for two months, then returned it to him, claiming that the deal had fallen through. Impressed with Lustig's integrity, Capone gave him $5,000. It was, of course, all that Lustig was after. (10 Greats) Lustig would later die in Alcatraz Prison. Most scams are named after Charles Ponzi. Ponzi promised people if they invested with him they would double their money within 90 days. Well of course that did not happen, It didn’t take long for authorities to catch up to him, but it was too late for the investors; they lost everything. Now when someone tries to scam others it is known as a Ponzi scheme.
Some of the biggest frauds committed were by Enron; The Company falsely claimed huge earnings for the business, while the financial condition was really bleak, Enron filed bankruptcy; costing investor millions. Laws changed due to this fraud, laws are stricter now, and companies are held accountable for false reporting. Bernard Madoff, an investment manager was able to convince investors to invest hundreds of millions of dollars. 300 million was invested by the New York Mets team, many...

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