I have to admit that for some reason I find it hard to feel sorry for these people. It is a sad event that people are conned out of their hard earned money. However, you have to posses a remarkable naivety to believe that someone else can make you 1% per day on your capital. Such a belief is really an affront to common sense and displays the wonderful human capacity for magical thinking.
The site said that those average gains of 1 percent daily couldn’t be compounded into an annual return. Even without compounding, those kinds of daily returns would amount to an annual gain of about 250 percent — or more than 25 times the average annual return of the Standard & Poor’s 500 Index, with dividends reinvested, for the past 50 years. Secure Investment didn’t provide that kind of context.
In May and June last year, Mandal and his wife, Wasima, 37, also a physician, invested $30,000 each with Secure, which required customers to use U.S. dollars. The Mandals swapped pounds for $60,000, using a bank. Following instructions from Secure, they then wired the money to banks in Australia and Cyprus to open their accounts.
Logging into the company’s website regularly, they watched as Secure traded the dollar versus the euro. Secure’s website showed that their accounts had soared in value to a total of $245,000 — a fourfold increase — in just 10 months.
More here – Bloomberg
