David Hernandez case: Investors tally their losses, pain, anger

"Chicago Sports Webio, created with such fanfare, generated only $2,300 in revenue, the SEC said."

This is truly funny stuff. Just can't wait for North to launch Webio II . LOL!!!!

If you're that big of an idiot to think that you can get double digit returns on an Internet sports radio station featuring has-beens, you get what you deserve.

Mike North, Chet Coppock, Dan Jiggets, all these guys are FOSSILS whose acts are shockingly stale. Who would spend $1/month for the "pleasure" of listening to these dinosaurs? I can get sports radio for free -- why spend the cash?

15 percent interest in an environment where rates are 2-3 percent!

Who's kidding who .... Mr. Samp, you and everyone else who trusted this guy are idiots. You were in financial problems before meeting Mr. Hernandez ... you should have made better decisions!

Come on people, there is no legitimate way to make 15% a year. You all should know better.

And I don't understand how Ponzi scheme people think they are going to get away with it. The very essence of it is you pay original investors with money from new investors, but it always reaches a point where there are no new investors, at which case the whole charade falls apart. The Ponzi scheme only works (and I mean "works" in the sense of actually getting away with the money and not going to jail), when it is done at a very small level.

Why didn't Chet threaten to punch out the sales guy at Webio. The sales guy would have known there was no money coming in, and he could have tipped everyone off that they were on a sinking ship.

If is sounds too good to be true- it is

I'd like to see how North/Coppock, etc came out in this. Did they get some upfront huge payments???

when applying for a job, 99.99% of employers do throrough background checks on you.

you should do the same when YOU hire an investor.

this hernandez guy, he took everybody for a wild ride, including jerry reinsdorf.

always do your homework when doing business with those honest looking slick nutjobs who have no interest in anything except for your checkbook.

I don't know, many times these scams can be really sophisticated, with the company preparing fake statements and sending all the proper paperwork such that the investors really think everything is fine. My father-in-law represents investors who are defrauded in such schemes and he sees stuff like this all the time. If anyone wants more information on how to try to recoup money lost because of one of these scammers you can check out this website: www.carterpa.com .

The less than intelligent lose, society wins.

PS

Anybody want to join the April Rose Fan Club?

ziggy wrote:

Chet Coppock, all these guys are FOSSILS

c'mon, chet's always been a lot of fun to listen to!

Although Kchristy makes a valid point about these scams being sophisticated, something is left out of his analysis. Mike North has had plenty of opportunities to explain to the public what happened at the Webio side of this fraud. Was he provided with false financial statements, budgets, forecasts, etc.(as part of a "sophisticated" fraud)? If so, shouldn't he have made this known? After all, he was the executive VP and his wife was the chief operating officer. He would have had access to all of the company's financial information. The fraud wouldn't have to be nearly as sophisticated (false financials, etc) if North was not reviewing the information he should have been as an officer of the Company.
At the end of the day, Mike North's silence tells me that he never reviewed anything, but instead was asleep at the wheel.....spending money like a druken sailor...luring friends into the business...and thumping his chest about what a genius his business idea was.

The Samps bought a $25,000 "guaranteed investment contract" from NextStep Financial. The contract agreed to pay a monthly interest rate of 15 percent.

MONTHLY interest rate of 15%????....bells, whistles, red flags...come on man, if that was the case everyone in the world would be going there...you should sue that background check company for every dime you lost times 10.