As a military veteran, I feel I must spread anything that I come across that is aimed at my fellow veterans. My website is geared to report any scam I run into with malice. But this one really hit home and I want to put out this veteran scam alert.
Many of you are familiar with AARP. I myself am a member of AARP who I feel do a great job for the seniors of our society. They keep us alert on all political concerns as well as anything that will affect the elderly from upcoming laws. They also inform us of better insurance options across the board.
I ran across this article that was published by the Detroit Free Press that was right for me to push a little further to make as many veterans aware of the information as I could. And that is what I did.
Targeted Scams Designed For Veterans
It is bad enough that as a civilian we have scams that are pushed at us but to have specific target scams takes it to a whole new level. Those are the most heinous of this crime to me because they can be the most deceiving.
These types of scams aimed at veterans consist of fake business or job opportunities, charity scams and tech support scams that are used to mislead the veterans. These can be put on anybody but some are designed to specifically trick veterans.
So veterans please take this report that I am getting ready to share seriously and don’t become the next victim.
The Actual Scam
Mr. Chad Wright of Greenville, SC was a military veteran who was seriously injured while serving. As with many who are he received a disability check for which he received every month.
Just like many people, he came under financial stress. This does not give anyone the right to prey on the situation. He ran into an early option to receive cash now in return for his pension.
As with anybody in a struggle, the offer was tempting enough to make him feel it would be a relief to him. The company who offered it was a company named BAIC.
I tried to google this and all I got was a Chinese state-owned enterprise and holding company of several automobile and machine manufacturers located in Beijing, China. Can’t really say they are part of it.
To make a long story short, he took the offer and when it was all said and done he traded in his disability payments for a mere $8,000. That does not make Mr. Wright a fool but someone who got approached at a vulnerable time.
That is a sad thing but I want everyone to be aware of just how far people will stoop to swindle you out of whatever you have.
The Very Final Results Of This Scam
I had to share the good news behind all of this for the scammers of the world. We won’t take it sitting down.
Because of this, we know that such agreements to purchase military pensions or benefits are prohibited under the Federal Anti-Assignment Acts.
The interest rates on these kinds of deals are too much ranging between 25% and 47.18%. You’d owe far more over time than you borrowed up front.
He is now a plaintiff in a suit filed in the U.S. District Court for the District of South Carolina in Greenville against BAIC Inc., the Voyager Financial Group, and others.
Scams target anyone that they can find a point of vulnerability. I personally remember working for a company that took charity money supposedly for a veterans campaign. I found out after I did not work there anymore they got raided by a government agency.
So you see these things can look and sound totally legit. And if you don’t research them first, you might find yourself at the wrong end of a bad deal.
The Detroit Free Press did a wonderful thing to make this information noticeable. Especially to a person like me because I am going to put an extension on the information to make even more readers aware.
I want to thank you all who visited us. This is a very good topic and I would be thrilled to hear any questions, comments or experience you might have to share with others.
There is a comment section below for you to respond in.