Scams Highlighted by Jason Hartman
When your career is about helping people make better use of their money to gain financial freedom, nothing is more frustrating than identifying a scam. Scammers are out there just waiting to grab your money: here are just a few Jason Hartman scam reveals that can help you avoid the worst of them.
Wall Street Scams
Let’s start with the big one: Wall Street. Wall Street has been full of scams from the very beginning. We are taught to consider Wall Street the first and last word in smart investment, but in some ways, it’s almost the worst thing you could do with your hard-earned money. In an interview with James Altucher, Jason Hartman helped reveal one of the major scams of Wall Street: only the privileged few are allowed to make money there.
The “Privileged Few”
There are only a few moneymakers on Wall Street, and most of them are not ordinary people. High-frequency traders with access to supercomputers can change position in mere fractions of a second, giving them an edge that no ordinary person could hope to compete against.
The very wealthy can also make money off of Wall Street because they’re able to buy and hold forever. This is how investors like Warren Buffett keep their wealth.
Watch Out for Hedge Funds
One particular area to watch out for when it comes to Wall Street scams are the hedge fund sellers. Sometimes known as “Mini-Madoffs,” named for infamous hedge fund scammer Bernie Madoff, these scammers are running the same play but don’t get caught because they know enough to keep things small and out of sight of SEC investigators.
Another Jason Hartman scam reveal is the Tesla Corporation, with its claims for a perfect electric future. Whether you’re considering buying a Tesla or investing in Tesla, you need to know the truth.
Buying a Tesla
Because Tesla is subsidized by the government, everyone who buys a Tesla is essentially getting a subsidy from working-class people for a car that doesn’t even work all that well. Anecdotal evidence abounds of Tesla’s much-vaunted technology failing on a regular basis, and that’s not even considering that the battery life isn’t what is claimed, especially in the winter.
And that’s not even taking into account the environmental lies Tesla is telling. While the company bills its vehicles as a green transport alternative that will save the planet, everything about the Tesla, from the battery to the headlights, causes damage to our world.
Investing in Tesla
In 2016, an investment firm, Devonshire Research Group, did an analysis of the company and found that they were trying to manage a number of financial instrument models under one umbrella. In the researchers’ estimation, one small wrong step on the part of the company could easily destroy it. Meanwhile, Tesla has been accepting deposits for vehicles in numbers it can’t possibly keep up with and accepting enormous subsidies from federal and state governments.
Property Management Scams
Jason Hartman highlights huge property management scams that endanger the hard-earned money of real estate investors everywhere.
The DC Frauds
In 2012, one of the biggest property management scams of all time finally ended. A management company owned by Brian Talbott and Chester Ranson and operating out of Washington DC was found guilty of conspiracy to commit bank fraud, mail fraud, and defrauding the government.
The company managed properties for distant landlords, but what they were mostly doing was lining their own pockets. They were not paying property taxes, double debiting the checking accounts of their clients, tampering with rental checks and keeping the extra for themselves, doctoring deposit slips, and incurring late fees by making sure condo fees were paid late.
In flagging up this scam, Jason Hartman points out that the company had many complaints with the Better Business Bureau. A landlord who had done even a basic amount of research could have seen that Talbott and Ranson’s company wasn’t one to do business with. The take away? Always do your homework.
Don’t Get Taken By Scams
Scammers are everywhere, but there are safe ways to invest your money. With the right advice, anyone can achieve true financial freedom.