My mom just dropped on us the fact that she has just invested into two Chinese companies, which she has refused to let us know the names of, and boasting about how rich she is about to get. She says they are companies which make fuel out of sea weed, peanuts, etc, to which I inferred were biofuel.
My wife is seriously worried about my mother's ability to take care of herself after she retires and this is not a time to be taking risks with her money. My mother thinks that because she is about to stop working, she wants to have a source of income to life the rest of her life. She even told us that if the stocks keep going up, she might take out equity in her home. This has us seriously worried. In my experience, elderly people often are very secretive when they making fast money in what turns out later to be scams.
Are there any Chinese biofuel companies that are seriously booming right now? She says she bought in at $2.50 and is now up by $750. We told her to withdraw her dividends right now to be safe, but she wants to let it ride. She says this company is only going up and she is following the footsteps of billionaire investors who has all gotten into this. It's sounding a lot like a Ponzi scheme to me. Either that or a pump and dump. I don't know what to do, please help.
Submitted March 18, 2018 at 04:16AM by pekinggeese http://ift.tt/2pnHcy4
