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SFandH
Elite Nomad
Posts: 7084
Registered: 8-5-2011
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It appears to me that the folks who lost money had investment accounts that invested in securities of some type. These were not savings/checking
accounts like you would have at Bancomer, Banamex, etc. One investor said he was promised a 10% return. That should have been a red flag. The article
also indicated that a group of employees at this branch stole money out of the accounts. I didn't see anything that would indicate a Ponzi scheme as
claimed by the article. It looks like plain and simple theft by bank employees. Who knows why these folks were putting life savings in a foreign bank.
[Edited on 6-8-2019 by SFandH]
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Alm
Ultra Nomad
Posts: 2729
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Quote: Originally posted by SFandH  | | It appears to me that the folks who lost money had investment accounts that invested in securities of some type. These were not savings/checking
accounts like you would have at Bancomer, Banamex, etc. |
Yes. People purchased investment funds sold by Monex Casa de Bolsa - Mexican brokerage firm that also has US subsidiary to operate on international
markets. Monex group consists of "Casa" and "Banco".
It does appear that the "group" employees were a part of the fraud, hacking/changing passwords and moving the funds without authorization, - according
to the management. Hard to tell now.
Like somebody said in the comments - "Why in the world in this day and age would anyone trust a "no name" Mexican entity?? You can easily keep
your money in the USA and get access to it with no fee ATM withdrawals"
Not to say that you can't lose money with mutual funds sold through big US investment groups, but the level of regulation, overseeing and
accountability is different.
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Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
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"Then you had somebody removing money from these account, which were either an inside job, hacking, or my guess ex-employees with information on these
ex-pats, who just changed the passwords, addresses, and emails of the ex-pats.
I'm with Monex, and think the ex-pat investors should take 50% of the blame, for not watching their accounts carefully, and online! "
Amazing that these two statements could be made together. Absolving 50% of the blame for outright theft.
The other article mentioned that clients online ability to check their accounts suddenly became non-existent and their monthly statements stopped
coming.
I guess that's the CLIENTS fault, too. 
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Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
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Let's see, by your same logic:
-If I'm not watching my car 100% of the time and it gets stolen, I'm 50% to blame.
-If I'm not home 100% of the time and my home gets robbed, I'm 50% to blame.
Wait a minute, these aren't comparable situations. MONEX WAS ACTUALLY PAID BY THESE INDIVIDUALS TO INVEST THEIR MONEY, NOT HAVE IT STOLEN BY THEM.
My bad.............. 
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BajaNomad
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Threads Merged
6-15-2019 at 12:02 PM |
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