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A Current Affair go after Suncity Equities and Investments Scam

Posted by Aegist on October 23rd, 2008

A Current Affair (ACA) have just run a second story on Arbitrage Investment Scams operating out of the Gold Coast - this time focussing on Suncity EI. They ran a story about 4 months ago on the same topic, but focussed their attention on Kent Woodhouse (AFL Arbitrage) - I wrote a short article on that at the time, and you can see it here.

This second installment on this topic was almost identical to the first story, just with different names and stories. There was the same amount of chasing people through offices, and down the street, all while talking to the poor victims of these scammers about how much money they have lost.

I have to admit that I find it a little odd that at no point have ACA contacted either myself, or anyone at ArbForum. You cannot look into this field and not accidently find yourself either here, or on arbforum - combined we have far more information on arbitrage trading, and these arbitrage investment scams than anywhere else online. Yet I still haven’t heard anything from them - which is particularly odd when you consider that I actually contacted ACA (and Today Tonight) myself about these scams over 6 months ago myself - well before they ran the first story.

I guess they aren’t interested in actual information - they just want the hard fast ‘fear’ and ‘hype’ associated with the story. I understand that. The story is too complicated to bother with details when all you really want is for people to know “Arbitrage Companies Bad - avoid at all costs”. It isn’t completely true, but for the most part it is probably the easiest message to get out to the mass public in a useful way.

Their breif clip of someone from the ACCC talking about these scams as “just gambling” was very much like what they said in the first story they ran too. Again, I would like to highlight the fact that what these companies actually do with your money is virtually irrelevent - the scam is that they won’t pay it back as promised. They are Ponzi Scams, and they don’t actually do anything with your money - neither arbitrage, nor gambling.

Anyway, let this stand as YET ANOTHER warning to all of the people who regularly contact me wondering whether they should invest money in company X, Y or Z. Hopefully the answer will be blatently obvious by now…

Here is the ACA Clip:

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