Magic Box Or High Tech Hoax

from the scammers-getting-away-with-millions dept

It’s amazing what some people can get away with. Here’s the story of a guy who has been arrested before for being a con artist conning a number of well known people and companies into dumping somewhere around $6 million into his “magic box” without ever producing an actual product. The magic box was supposed to allow incredibly high speed internet access over a regular telephone line. The article isn’t that well written, and keeps jumping back and forth through time, so it’s not easy to tell what happened when – but basically the guy just kept making stuff up to people. He did demos of the technology where he actually used a VCR and transmitted the video over carefully (and elaborately) hidden coax cable. Based on these demos people kept giving him money – even after some people realized it was all a sham. Just a reminder to do some real due diligence prior to investing.

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