Do Buenos Aires expats easily get scammed and gullible?

[Bob]

So I met an American that told me that he got scammed by a Porteño in some fake investment scheme. I couldn't believe that someone could be so stupid. But then he told me that many other foreigners get scammed by locals. I laughed and told him that I doubt that someone could be so foolish but then he directed me to the other forum and just like he said several members admitted to getting scammed.

I was shocked! Several people said the same thing happened to them. Are Buenos Aires expats this foolish to trust a local in these type of investments? Why would someone do something like this with all the safe investments out there?

Need advice on how to litigate and recover my loss from a potential fraud.

Hello everyone I’m looking for advice on how to litigate and recover my loss from a potential fraud. Long story short, I recently discovered that the company I invested in, with the help of a lawyer(the company is associated with him) that turned out to be completely fraudulent. There were...

baexpats.org

 

[Betsy Ross]

So I met an American that told me that he got scammed by a Porteño in some fake investment scheme. I couldn't believe that someone could be so stupid. But then he told me that many other foreigners get scammed by locals. I laughed and told him that I doubt that someone could be so foolish but then he directed me to the other forum and just like he said several members admitted to getting scammed.

I was shocked! Several people said the same thing happened to them. Are Buenos Aires expats this foolish to trust a local in these type of investments? Why would someone do something like this with all the safe investments out there?

If it sounds too good to be true it probably is. Buenos Aires seems to have its fair share of scams but I would think most foreigners would be smart enough but even shrewd investors get conned. Usually their greed gets the best of them.

 

[Wally]

I have met many expats that complained about small scams like paying someone to paint their apartment or buying something where they were asked to pay something up front and then the person never delivered but these below sound elaborate. It sounds like no due diligence was done and probably rushed into some investment.

Rule of thumb is never do business with anyone here that does not have a long established reputation and doing business for a long time. My wife doesn't work with anyone new. Only working with the same small set of people that has been providing services to her family for decades.

 

[Uncle Wong]

I am not sure if this is limited to Argentina. In Colombia I met some guys scammed by women they thought they were in love with. I don't know if these expats above got sucked into some investment lured by someone close to them but there are all kinds of scams in Latin America.

 

[earlyretirement]

So I met an American that told me that he got scammed by a Porteño in some fake investment scheme. I couldn't believe that someone could be so stupid. But then he told me that many other foreigners get scammed by locals. I laughed and told him that I doubt that someone could be so foolish but then he directed me to the other forum and just like he said several members admitted to getting scammed.

I was shocked! Several people said the same thing happened to them. Are Buenos Aires expats this foolish to trust a local in these type of investments? Why would someone do something like this with all the safe investments out there?

Need advice on how to litigate and recover my loss from a potential fraud.

Hello everyone I’m looking for advice on how to litigate and recover my loss from a potential fraud. Long story short, I recently discovered that the company I invested in, with the help of a lawyer(the company is associated with him) that turned out to be completely fraudulent. There were...

baexpats.org

Unfortunately there are tons and tons of scams here. I've been doing business in Argentina since 2002 and have seen a lot of things. I don't get cheated because I always work with the SAME group of people since day 1. I work with the same group of lawyers, the same Escribano, bankers, accountants realtor, and real estate developers. I don't deviate from that. I have purchased pozo properties before with other developers and I have been very fortunate that only in one project did they try to change the terms and amount after the project started.

Fortunately the investment already went up 75% but it still left a bitter taste in my mouth and after that almost 2 decades ago I only deal with the same group of people.

I do a lot of consulting in Argentina and inevitably once in a while people will ignore my advice in an initial consultation. I will tell them NEVER to use the realtor's Escribano or anyone they are recommending. I will tell them not to use a friend's contact unless that person has been around in Buenos Aires with a solid reputation for at least 10-15 years.

I feel bad for these expats that lost money or got scammed but you MUST be very careful in Argentina. This isn't like the USA where there is recourse and you can take someone to small claims court and easily win if you have a solid case. There is tons of corruption here and the judicial system doesn't really work so you especially need to do everything properly from day 1.

 

[Colin]

So I met an American that told me that he got scammed by a Porteño in some fake investment scheme. I couldn't believe that someone could be so stupid. But then he told me that many other foreigners get scammed by locals. I laughed and told him that I doubt that someone could be so foolish but then he directed me to the other forum and just like he said several members admitted to getting scammed.

I was shocked! Several people said the same thing happened to them. Are Buenos Aires expats this foolish to trust a local in these type of investments? Why would someone do something like this with all the safe investments out there?

Need advice on how to litigate and recover my loss from a potential fraud.

Hello everyone I’m looking for advice on how to litigate and recover my loss from a potential fraud. Long story short, I recently discovered that the company I invested in, with the help of a lawyer(the company is associated with him) that turned out to be completely fraudulent. There were...

baexpats.org

Surprised to hear this. If anything you would think that foreigners coming to a foreign country would stay clear of shady type investments. Can't believe there are multiple members that this happened to. And if there are 2 or 3 admitting it happened to them then there must be many people out there. Most people when they get conned won't admit it out of embarrassment.

If something like this happened to me, I would take the gloves off and post all the details about that person's name. I think that other post was correct that it is wire fraud. You can report this and probably have some help if it happened in the USA but it will probably takes years and years.

 

[Marleny]

I have met many expats that complained about small scams like paying someone to paint their apartment or buying something where they were asked to pay something up front and then the person never delivered but these below sound elaborate. It sounds like no due diligence was done and probably rushed into some investment.

Rule of thumb is never do business with anyone here that does not have a long established reputation and doing business for a long time. My wife doesn't work with anyone new. Only working with the same small set of people that has been providing services to her family for decades.


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Smaller scams here happen every day. When I first moved to BA I found a painter through my neighbor. He did a great job on hers and she used him before over the years. He gave me a quote on mine and it was much more expensive than my neighbor. I found that out later. He asked for 50% up front to buy the paint and supplies. I never heard from him again. I have had other small things like that. I wouldn't dream about some complex investment here involving shell companies.

They say a fool and his money are soon parted and that is what it sounds like with these people above.

 

[Vero]

I am surprised that foreigners get conned into these types of things in Argentina so easily. Locals never fall for these scams because we generally do not trust anyone! This is partly why we have so much in cash. Better not make any return instead of losing it all!

You can try making a claim at Dirección Nacional de Defensa del Consumidor y Arbitraje del Consumo. I don't think a lawyer can do anything but try making a claim. Here is a link to their website. Also visit a local police station and file a claim against him. And maybe file a police report in the USA too where you live or where the bank was you wired to. Maybe you can get him for wire fraud.

Defensa del consumidor

Iniciá un reclamo, conocé tus derechos como consumidor, capacitate e informate para mejorar tu experiencia en el consumo.

www.argentina.gob.ar

 

[Cardiac Arrest]

So I met an American that told me that he got scammed by a Porteño in some fake investment scheme. I couldn't believe that someone could be so stupid. But then he told me that many other foreigners get scammed by locals. I laughed and told him that I doubt that someone could be so foolish but then he directed me to the other forum and just like he said several members admitted to getting scammed.

I was shocked! Several people said the same thing happened to them. Are Buenos Aires expats this foolish to trust a local in these type of investments? Why would someone do something like this with all the safe investments out there?

Need advice on how to litigate and recover my loss from a potential fraud.

Hello everyone I’m looking for advice on how to litigate and recover my loss from a potential fraud. Long story short, I recently discovered that the company I invested in, with the help of a lawyer(the company is associated with him) that turned out to be completely fraudulent. There were...

baexpats.org

🤣 Poor fool. I don't want to victim blame anyone but you would have to be ignorant to fall for this. I just read that post and saw the circumstances. "Elite nomad lifestyle coach". 🤣 What is that even? He said he did due diligence then admitted he found a Google post where someone else was scammed.

Why not just list him and out him to protect others against this. Why not just post it out in the open. You do stupid things with your money and stupid things are going to happen.

 

[Blockchain]

🤣 Poor fool. I don't want to victim blame anyone but you would have to be ignorant to fall for this. I just read that post and saw the circumstances. "Elite nomad lifestyle coach". 🤣 What is that even? He said he did due diligence then admitted he found a Google post where someone else was scammed.

Why not just list him and out him to protect others against this. Why not just post it out in the open. You do stupid things with your money and stupid things are going to happen.

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If dude is searching online in google searches for where to invest money then that is his first problem. Wost yet is he claims to be a consultant himself! Probably not a good one.

 

[VINO]

🤣 Poor fool. I don't want to victim blame anyone but you would have to be ignorant to fall for this. I just read that post and saw the circumstances. "Elite nomad lifestyle coach". 🤣 What is that even? He said he did due diligence then admitted he found a Google post where someone else was scammed.

Why not just list him and out him to protect others against this. Why not just post it out in the open. You do stupid things with your money and stupid things are going to happen.

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The biggest problem I see is that you have to be more careful here. For some reason people let their guard down here when if anything you have to be 10X more careful.