Buy E-Barrel Makes the Local News

The program 'Buy E-Barrel' was running pretty hot in the beginning of the year and collapsed a couple of weeks ago. This article was printed in the local papers, Straits Times, yesterday.

I saw this one being posted around in the forums I've visited, and luckily didn't put a cent into it. There were just so many reasons not to buy into the hype generated by this one.

1. I've a good number of friends who are working in the oil industry as traders and such deals simply do not appear out of nowhere. In fact they don't appear at all.
   
2. The rates are ridiculous.
3. The MLM aspect of it is ridiculous. Other than an incentive for the stupid to con other stupid people, MLM usually has no place with real investment.
4. Heavy Malaysian influence. I have nothing against Malaysia or the people residing there, but given the blatant number of scams that come out from there, this one was a straight no-no for me.

Unfortunately this comes too little too late for all those who have already fallen victim here. But there are similar looking ponzis out there that run along the same modus operandi. So keep yours eyes open and your money in your pockets. If you must gamble, do so moderately.