In the light of the collapsing money games, we ran a story titled Truly Tall Tales only yesterday on how some Malaysians fall for scams not because they are gullible but they choose to gamble with very high risks, fully aware of the consequences.
Apparently. our Western counterparts have the same mentality.
- After the failed Fyre Festival, guests are still keen on next year’s event!
- Amid allegations of a scam, lawsuits are filing in
- After the failed JJPTR money game, investors still keen on new plan!
- IGP urges investors to make reports
Last Saturday. we reported on the disastrous Fyre Festival in our story titled Epic Getaway Turns into Hellish Weekend. The supposedly exclusive music festival for the rich and famous was organised by rapper Ja Rule and entrepreneur Billy McFarland with celebrities like Kendall Jenner and Bella Hadid promoting the event. The festival never took off, the luxurious promises never delivered. So badly organised and chaotic was it that it received the full blast of a furious backlash from disappointed attendees.
So you would think that especially those who were left stranded on the tiny private island of Exumas in the Bahamas, the venue of the event, would want to get their refunds and run.
The Irish Independent daily reported that according to a member of the festival’s management team, most of the attendees have expressed interest in returning for next year’s event rather than get their refund.
Ja Rule and McFarland have insisted that they intend to go ahead with the event next year. Forms for refunds have been sent to every guest, but they have all been offered VIP passes for next year in lieu of cash.
Speaking to Rolling Stone magazine, the management team member said, “Currently 81% of guests who have filled out the refund application have said they would like to attend Fyre Festival 2018. We are so thankful for their support and excitement as we strive to make this right.”
The organiser’s problems are far from over, though. One guest has filed a $100m suit, while, according to The Hollywood Reporter, three more are also now suing for breach of contract, negligent misrepresentation and fraud.
Social media has been abuzz with allegations that the fiasco was a scam.
Closer to home, the same can be said of JJPTR investors who are not only keen but actually zealous about the company’s new plan. Just announced by JJPTR founder Johnson Lee, the new plan offers returns of whopping 35% returns, 15% higher than the returns of its failed scheme and the highest so far among other money games. On top of that, there will be special lucky draws with a new car, motorcycles and smartphones as prizes.
What JJPTR has conveniently failed to address in its new shining glossary is its alleged US$400m losses and refunds to those who lost their money in the earlier scheme.
Financial experts say the new plan is not fundamentally sound. Watch the video below which presents information on the new plan:
Speculation is rife that Lee is appeasing his investors for now and buying time till he absconds.
Meanwhile, Inspector-General of Police Tan Sri Khalid Abu Bakar has urged JJPTR investors to make reports if they feel they have been cheated.
That Lee is brazen is an understatement. That investors who have already got their fingers burnt are still trusting and gung-ho about an even more far-fetched money game is mind-boggling.