Name the most expensive personal item you’ve ever purchased (not your home or car).
FOMO (fear of missing out). It’s not a good thing. Before I ever heard of the acronym, I experienced it once and it didn’t turn out well. Now it doesn’t help that I was looking for an escape hatch from my long hours and stress. And I’m also going to blame it on my youth. I was in my early thirties. That’s still a youngin, in my book. So there are all my disclaimers.
A good friend introduced me to an investment opportunity. His Uncle Steve invested on the ground floor of an energy company and had been receiving royalty checks for over a year. Big checks. My buddy was offering me the opportunity to buy in. No pressure. He was already investing based upon his Uncle Steve’s recommendation. I did my due diligence. It sounded legit. Plus his Uncle Steve was collecting checks. I’m in.
Long story short, it was a Ponzi scheme and I lost my investment. It wasn’t an earth shattering amount, but it was enough to make a thirty-something cringe. It turns out I was very small potatoes. I later learned that some investors lost up to a million dollars. Whoa. In addition to his investment, my buddy lost friendships over this. I never blamed him for it going south. I’m the one who ultimately made the final call. Nobody put a gun to my head and I was a little blinded by FOMO. I always held the attitude that this was sunk money when I wrote the check. So when it went belly up, I was already prepared for this potential outcome.
The con artist was convicted by the Department of Justice, sentenced to six years in prison and later paroled after three. Earlier this week I received a letter from the DOJ that he was once again convicted of swindling more victims in another shady scheme and he’s going back to prison for another four years. Man, some people stay on that crooked path.
As for me, I’m able to look back and laugh at it now. My friend is still my friend and I had the sour taste of FOMO. Ponzi scheme. C’mon, really? Definitely added a little color to my life.
The Clash covered the 1960’s hit I Fought the Law. This song seemed appropo given the recent rearrest of the con man.
This was written by Sonny Curtis, who was a member of The Crickets (Buddy Holly’s group). The Crickets recorded it shortly after Buddy Holly’s death in 1959 and released it on their 1960 album ‘In Style With The Crickets’. If Holly had lived, there’s a good chance it would have been a huge hit for The Crickets.
The Clash recorded this in 1979 after they heard [it] . . . on a jukebox. They made the song more bleak, changing the line, “I left my baby” to “I killed my baby.” Their version got them noticed in America, where the song was released on July 26th, 1979
– Songfacts
Breakin’ rocks in the hot sun. I fought the law and the law won
– The Clash
Breaking rocks in the hot sun. I’d like to think that that’s his fate. It makes a good story and makes me feel a little bit better at the same time. He fought the law and the law won.
–
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Breakin' rocks in the hot sun
I fought the law and the law won [x2]
I needed money 'cause I had none
I fought the law and the law won [x2]
I left my baby and it feels so bad
Guess my race is run
She's the best girl that I ever had
I fought the law and the law won
I fought the law and the
Robbin' people with a six-gun
I fought the law and the law won [x2]
I lost my girl and I lost my fun
I fought the law and the law won [x2]
I left my baby and it feels so bad
Guess my race is run
She's the best girl that I ever had
I fought the law and the law won
I fought the law and the
I fought the law and the law won [x7]
I fought the law and the
Wow! That’s a dramatic story. I’m glad you were able to salvage your friendship. That says a lot about you!
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I was young and stupid. It’s funny to think about now.
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Sorry that you lost your investment, but it sounds like you handled it well. Not sure if I would still be friends with him. I guess he was a victim too
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It was my fault. If it sounds too good to be true… it’s funny looking back on it now. Good thing I was small potatoes!
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Great post! What a backstory, and the song is a perfect connection. I think it’s cool that you took ownership of your part in the situation and that your friendship survived. Unfortunately, that’s probably rare in such circumstances.
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Live and learn!
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… And the law won, indeed.
That’s great that you and your buddy were still able to maintain your friendship. Had it been me, I think the l friendship would’ve dissolve just out of sheer awkwardness of the whole situation.
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He felt awkward at first. I felt bad for him. He bet bigger on this than me.
I was still single and I didn’t bet the farm, so was OK.
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Wow… I guess that was an expensive lesson to learn. And I can see why you didn’t blame your friend. He wasn’t the one who swindled you, his… uncle? I could look but eh… was. I wouldn’t blame him either.
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Yeah, it was my call. It was on me.
The uncle was an investor and lost a lot. He was another victim.
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I think many of us have made some costly mistakes in our earlier years. One that I often regret is just not staying put in a house long enough to realize the fruits of our investment. There was a house that we had back in 2012-13 that is worth over a half a million now. It went up over 200k in value in only ten years. Wow. I am kicking myself. Now we can barely afford a livable house in the current market.
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Yes, I’ve had a number of kickable moments, too. There are ebbs and flows in real estate. Hope there will be some good timing for you in the near future.
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My brother is so into investments. I guess nobody scammed him yet. 😂
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Let’s hope he never does!
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I hope! Thank you!
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