Avoid “Get Rich Quick” schemes

The Isle of Man Office of Fair Trading is warning consumers to think very carefully before committing themselves to “get rich quick” schemes which claim to offer “the secret to wealth”. These schemes come in many different forms but they all offer the same thing – an apparently easy way to make money.

The latest scheme to come to the attention of the OFT involves the consumer buying a software package which offers a “low or risk free” system of betting on sporting events. It claims that tax free profits can be made regardless of the outcome of a sporting event by betting on all possible outcomes of the event. The reality is of course that investing in the scheme will cost you thousands of pounds and that the “guaranteed profits” are far from being guaranteed.

Chairman of the OFT Bill Henderson MHK commented “These “get rich quick” schemes are intended to lure consumers into thinking that if they take part they will make a killing. The truth is they are just scams. These fraudsters are clever and sophisticated, they produce slick, persuasive advertising but don’t be fooled – they are out to rip you off big style. Seek advice from the OFT on 686500 if you have any concerns about a scheme you may be considering taking part in or talk to your MHK”.