Real Estate Ponzi Scheme: when old fashion brokers deceit investors
Sep 3, 2018 · 4 min read
Next time you go out for sushi in New York or Los Angeles, don’t bother ordering halibut. Chances are it’s not halibut at all. Did you know that when you eat out at restaurants, the fish that is served to you is not the one you actually ordered (at least in 43% of the cases). DNA tests highlighted this “bait-and-switch” or “fish fraud”, whatever you want to call it.
The Real-Estate / Fintech startup Compass invented the “venture capital bait-and-switch”:for their investors as well as for their own employees/brokers…

