Let’s bring awareness to fraud scams that target pet owners.
In this particular case this fraudster preyed upon pet lovers requesting them to invest money for a pet identification business. This ruthless scammer preyed upon America’s emotional connection to their pets. Being a pet owner who wouldn’t want to invest in a company that could help save pet’s lives, while bring happiness back to a pet owner who may have lost their beloved pet.
How does this ruthless fraudster’s sets up a scam like this, and have some many people fall victims to this Ponzi scheme? It is quite easy say’s fraud expert Linda Webb, aka The Fraud Dog, all you need are the following variables.
1. Target a large demographic, like pet owners.
2. Prey upon a pet owner’s emotional connection for their pets. Pet lovers will do anything for their pets.
3. Identify a sense of urgency, like when someone loses their pet.
4. Lastly, pull on America’s generosity to help. Certainly a business that helps return lost pets to their rightful owner sounds like a worthy cause. Who wouldn’t want to help someone find their lost pet?
This is the perfect storm for making a great scam. Buster, the Fraud Dog makes a call to action to all pet owners to stop these scammers, in their tracks by reporting it.
Scam targets pet lovers VIDEO
FORT MYERS, Fla. – Call for Action uncovers a scam targeting pet lovers. As we found out, thousands of people were duped. People and their pets. It’s a special bond. So a business opportunity involving pets and promising to be inflation and recession proof sounded like a perfect match for thousands of people, but it wasn’t. Eric Stein duped victims into investing in franchises for a business called “Return-A-Pet.”
“They would pay between $5,000 and $50,000 and they would buy a territory,” said Eleanor Berry, U.S. Postal Inspector. “He was involved in a Ponzi scheme in the late 90s,” said Berry.
Starting in 2007 through 2010, investors were cheated out of $500,000. Each investor lost between $5,000 and $50,000. Stein now faces up to 40 years in prison.
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