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The Ramsey Show Highlights

My Parents Asked To Borrow $20,000 For An Investment

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Investing, Business

4.6682 Ratings

🗓️ 14 October 2024

⏱️ 8 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

brought to you by the every dollar app start budgeting for free today i was calling because i had a

0:08.7

family member recently request a loan from me and the amount of about 20,000 dollars and so i started

0:15.4

digging into it a little bit and it looks like they got suckered into some type of investment i hesitate to say scam but um it looks like they got suckered into some type of investment. I hesitate to say scam,

0:23.3

but it looks like they have lost about $60,000 and they are requesting this loan in order to be

0:31.5

able to withdraw the funds. The brokerage that they are working with has said that they need

0:37.2

about 30% of the amount

0:39.9

that they've put in in order to allow them to withdraw the $50,000 that is, or $60,000,

0:46.4

excuse me, that it's locked up in that account.

0:48.9

Yeah, that's not how it's calling because.

0:50.5

Yeah, that's a complete and utter scam.

0:54.1

Yeah. So what did complete and utter scam. Yeah.

0:55.2

So what did you say?

0:57.9

Well, I said I wanted to look into it a little bit more, and so we dug into how the,

1:03.7

basically how all the accounts and everything were connected together,

1:07.1

and it ended up getting paid out of a crypto wallet,

1:09.8

and so there's no way that you can

1:12.5

basically file for fraud claims. And I just, I feel horrible, but I, but they're still kind

1:21.5

onto the impression that this is going to be okay if they just put in another, another 20 grand.

1:26.3

And I just, I just can't

1:28.5

I don't know it's so what's your question

1:30.6

what's your question for us

1:32.2

I mean

...

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