Wisdom In Danger (23 of 40) by Stephen Whitney
This content is part of a series.Wisdom In Danger (23 of 40)
In August 2005 I received a call from a stock broker who told me about a great opportunity to invest money in Eldorado Exploration Inc. which was using new technology to drill for oil which would make drilling easier and more profitable.
They were trying to raise capital for research before company went public and were selling shares at 50 cents. The hope was that the company would go public in a couple of years and the shares would then sell for 10 times that amount at $5.00 per share.
This was my chance to make a good return on my money.
On August 18, 2005 I bought 200 shares at 50 cents per share
for $1,000. I knew that I was taking a risk because this was a
new company and that it might take longer than a few years
before there was some kind of return on the money.
About a year later I received a letter saying that the company was moving to Nevada which was not good news because in Nevada
a company cannot be sued because of the liberal legal laws there.
Then about six months later I received a letter from the FBI which were investigating the stock broker company which sold the shares of Eldorado Exploration for fraud. Things were not looking good for my investment as time continued to go by.
Then about six months later I received a letter from Eldorado Exploration Inc. stating that the shares were worth one thousandth
of a penny which meant that my original $1,000 was now worth only two cents.
Later, I heard that the stock brokers had taken the money and put it into offshore accounts and they have been charged with fraud, but that did not get me or the other investors there money back. They were to go on trial and probably serve time in prison because of their corruption scheme to steal money from investors.
Have you ever been taken advantage of by someone who was crooked? It makes you mad because you trusted them, but they turned o ...
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