The long con: The Western Gulf Advisory scam - Aussie Stock Forums

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  1. #1

    Default The long con: The Western Gulf Advisory scam

    By now I imagine most ASF members would be aware of the breaking of the Western Gulf Advisory scam. Short story is that the company offers large loans at attractive interest rates to prospective borrowers; charges very large advance fees and then never delivers.

    This particular scam is very effective in difficult economic times when normal credit drys up. What usually happens is that as the prospect of the loans arrival recedes into the sunset the desperate person or company folds and has far more pressing issues to face than the non arrival of the loan.

    One particularly interesting aspect in this deal seems to be the role of a Sydney lawyer who keeps reassuring clients of WGA that the loans will come and that loans have been given in the past.

    I think it's worth a look at the very impressive WGA scam website as well as the Wiki site set up to put some sunshine on this very clever piece of work.

    And of course you may know someone who has been hung out to dry by these guys.

    http://www.theage.com.au/business/30...302-1bexw.html Age story on the scam.

    http://www.wikifrauds.net/latest.html Really worth a good look. In particular check out the very clever way the company created it's own credibility through PR fronts.

    http://www.westerngulfadvisory.com/ Very convincing.

    Does anyone in ASF have any knowledge of people currently caught up in this scam?

  2. #2

    Default Re: The long con: The Western Gulf Advisory scam

    interesting read, thanks for the post.

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