Investment scams
A recent purchaser of my books and tape wrote that he was defrauded of “big bucks” by an addict in the oil and gas industry. He now realizes that addiction seems pervasive in the business and would like to sell my books on his web site in a quest to warn other investors about this phenomena. He has already warned his children by gifting them my works. Here’s my response:
You have discovered an overlooked area in which addicts wield power over others. Yes, Charles Ponzi was an alcoholic. I strongly suspect that many if not most of those in industry convicted of defrauding others are driven by alcoholism. Kozlowski of Tyco and Barry Minkow of ZZZZ Best are just two examples. If not them, I suspect their chief lieutenants.
And I think you are right about those not so high up in the hierarchy. Oil and gas, gold and tax shelters are filled with con artists. The addict always psychologically abuses, sometimes physically does so and, when the situation presents itself, financially abuses others. I am sorry you fell victim to such a scam; on the other hand, it was no doubt a great opportunity to educate your children. You are correct in thinking that addicts are all around us, have an impact way out of proportion to their numbers and that everyone would benefit from understanding that addiction causes misbehaviors.
We can certainly arrange for you to sell my books via your web site. I appreciate very much your quest to warn other investors. And as a side benefit, if we can reduce demand for investments that are “too good to be true,”we can help channel addicts, who are usually good people when sober (abstinent plus deflated ego), into more productive endeavors.