Why scammers scam?
May 9, 2012 2 Comments
For money of course. Most every attorney realizes a money scam email when they see it. The key word here is most. Email is free so these scammers don’t have any costs. Every single moron they are able to con out of money results in pure profit. But how much profit is involved? According to a news report from the ABA Journal last year, one scamming ring netted $31 million dollars before Nigeria caught up to ring leader Emmanuel Ekhator and extradited him to the United States.
The ABA Journal also reports that Minnesota law firm Milavetz, Gallop & Milavetz lost $400,000 in Ekhator’s scheme. Not content to walk away with the loss of $400k, the Milavetz firm recently filed suit against Wells Fargo claiming that Wells Fargo was responsible for the firm’s loss because it knew or should have know that the financial transactions were bogus. Regardless of the specifics of the case, when a large successful firm loses money in this manner you have to wonder just what the heck they were thinking.