Mendoza Times Herald - Foriegn Investors Beware - Part 4

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) May 21, 2009 --

San Rafael, Mendoza. Our investigation of the scams that are used by foreigners to defraud foreign investors has led us to one particular person in San Rafael who has apparently preyed on naive investors for years. The investigation of this individual led to five investors who had lost substantial sums of money that he embezzled from their bank accounts, others who had been charged for work that was never performed, and there are investors who have unknowingly put him or his mistress in charge of corporations or trusts they have established for their investments. He has borrowed money from foreign investors that he befriended, and he has never repaid them. In one incident, he received a transfer of funds for agricultural work from an absentee investor, and then he audaciously reported to the investor that he had been robbed of those funds at gun point. He borrowed money from two other investors to buy a car, then refused to put the car in name of either investor to secure their loans (which were double the amount needed to buy the car), never repaid either loan, and subsequently put the car title in the name of another person so that it could not be attached by his creditors. He is reportedly involved in a money laundering scheme using bank accounts in Uruguay and Argentina. Some of his scams and schemes have been discovered by the investors involved, but in each case he has attempted to transfer blame to others by deliberating making an effort to damage the reputations of well-respected people who helped to uncover his activities. By fabricating outrageous scandals for these people, he diverts attention and blame from himself. Several of the victims have hired local lawyers, but regrettably, and typically of Argentina, no one has yet been willing to make formal civil or criminal complaints against this individual. His fraudulent activities are continuing as of the date of this article.

At this point it is important that I repeat that there are many very good, decent, and reliable people who can be of great service to a foreign investor. Investors should not avoid taking advantage of the excellent investment opportunities in the South of Mendoza because of a few deceitful individuals, but they should exercise prudence and caution.

What can a serious investor do to protect himself against the scams and scammers that I have described in the first three parts of this report? Read Part 5 in next Monday´s Mendoza Times Herald.

You can contact Dan Richards at mendozatimesherald@argentina.com