A reader sent me this excerpt from the Fraud Examiners Manual (2006 edition), published by the Association of Certified Fraud Examiners:
Real Estate
Real estate scams are easily recognized. There is almost always an element of time pressure, with the victims being convinced they are participating in a “once-in-a-lifetime, now-or-never” deal. The investors are led to believe there is no time to investigate the venture, and that if they hesitate, they will miss the opportunity to make a fortune. Promises of big profits for little or no involvement are the norm in real estate scams.
Oh snap, America… you’ve been scammed.