Some time ago I bought shares in a micro cap company traded on the pink sheets. Lesson was quickly learned as I have ever since tried my best to sell them without success, as nobody seems to be interested in buying the small amount of stock that I held. I had all but forgotten about them until a few weeks ago when I was contacted by someone at the website http://economicfrauds.com/ who said that I was the victim of a scam by the company (Midas Capital) that originally sold me the shares and that they were filing a class action suit against them and invited me to partake. After much eulogizing of their own skills and of the potential success of the case I was convinced and sent them $150 in legal fees to register my name with the suit and cover other costs, which I sent to their bank in Cyprus. Shortly afterwards “Economic Frauds” contacted me to tell me that the case had hit a stumbling block and that a further $500 would be required from each participant in the suit in order for the case to proceed. $500 which I stupidly sent them.

1. Economic Frauds - economicfrauds.com/
Complaint 115492 Details
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2. Some time ago I bought shares in a micro cap company traded on the pink sheets.
Lesson was quickly learned as I have ever since tried my best to sell them without
success, as nobody seems to be interested in buying the small amount of stock that I
held.
I had all but forgotten about them until a few weeks ago when I was contacted by
someone at the website http://economicfrauds.com/ who said that I was the victim of a
scam by the company (Midas Capital) that originally sold me the shares and that they
were filing a class action suit against them and invited me to partake.
After much eulogizing of their own skills and of the potential success of the case I was
convinced and sent them $150 in legal fees to register my name with the suit and cover
other costs, which I sent to their bank in Cyprus.
Shortly afterwards “Economic Frauds” contacted me to tell me that the case had hit a
stumbling block and that a further $500 would be required from each participant in the
suit in order for the case to proceed. $500 which I stupidly sent them.
I was then informed that because not all of the original complainants decided to pay
their share, and because of additional costs incurred by the delay, I would have to pay a
further $450 in fees. Better late than never, but it was at this point that my belief in
http://economicfrauds.com/ seriously wavered.

3. Once it became clear to “Economic Frauds” that I was not going to send them any more
money they broke off all contact. They stopped calling me, which they had been doing
several times a day when they were looking for money, and stopped taking my calls or
responding to my emails.
Hindsight is the only perfect science, but I am incredibly embarrassed with the fact that
http://economicfrauds.com/ contacting me unsolicited didn’t set off any alarm bells and
that a company based in Fort Lauderdale, Florida with a bank account in Cyprus also
failed to rouse my suspicions.
However this third request for money with literally nothing to show for it finally woke
me up and I started digging around a bit on “Economic Frauds”. Firstly it turns out that
their website (http://economicfrauds.com/) was only registered on 30th of May 2011
and it was registered using the email address admin@peoplealliancecorp.com.
Now “People Alliance Corp” – http://www.peoplealliancecorp.com/ – has a very similar
website to http://economicfrauds.com/ (content, not style), claiming that they will
provide legal help to victims of stock fraud. What is also surprising is that
peoplealliancecorp.com have the exact same postal address (PO Box 22247, Fort
Lauderdale, Florida 333 35) and telephone number (+1 954 449-6235) as “Economic
Frauds” have on their website – http://economicfrauds.com/.

4. Further Googling of the address reveals a link to “Financial Frauds” –
http://financialfrauds.us/ – (yet another website with the exact same modus operandi),
http://www.independentwebdesigners.org/, http://www.emiliachidester.com,
http://www.emiliachidester.org/ and two sites that are only now referenced by Google’s
cache (possibly because they were shut down?) – “Citi Capital Partnership”
(http://citicapitalpartnership.com/) and “Phoenix Cooper Financial”
(http://www.phoenixcooperfinancial.com/) – both of which have a number of warnings
against them issued by several European financial services authorities.
Now while there is nothing legally substantial in any of that, it is certainly strange at the
very least. What is just as strange is that the purported CEO of “Economic Frauds”,
Emilia Chidester, despite having a long and varied CV including a regular Television slot
with Univision (Spanish speaking network in the USA), has zero internet presence that
was not created by her (or her creators). No independent articles anywhere, not even a
reference to her from Univision, for whom she anchored their financial news segment
for years (apparently), just Linked In, Twitter, Wikipedia and several blog posts, all of
which I would dare say have been created since 30th of May 2011. If you watch the
videos it is also apparent that this person is far from comfortable in front of the
camera.

5. What is even stranger about Ms. Emilia Chidester is that the woman who appears in the
videos on the http://economicfrauds.com/ website looks nothing at all like the photo of
the woman on her twitter feed (http://twitter.com/#!/emiliachidester). They are both
vaguely Hispanic looking, but that is as close as they come to being the same woman. In
fact, the woman in the videos looks more Asian to me, so considering the accent my
guess would be she is a Filipina. No surprise that the Philippines is a haven for many
fraudsters.
While continuing my internet research, I came across this forum warning people
against many different fraudulent websites –
http://www.trade2win.com/boards/brokerages/14154-boiler-room-scams-385.html –
they link “Economic Frauds” with two other companies labeled as a scam that are
working the same advanced fee fraud – “Global Investor Alerts”
(globalinvestoralerts.com) and “Investor Alerts” (investoralerts.com).
While my limited private detective skills can only come up with the above, that, along
with the actions of “Economic Frauds” leaves me in no doubt that they have scammed
me out of my money and that http://economicfrauds.com/ is a scam website. The fact
that they pretend to be fighting against fraud makes their actions all the more
disgusting.

6. I have no doubt that it will prove impossible for me to
retrieve my money, so if outing the scam that is
“Economic Frauds” and their website
http://economicfrauds.com/ on the internet makes
their attempts at defrauding someone else that little bit more difficult, then I will
have to settle for that.
Just for the benefit of the search engines –Warning that “Economic Frauds”
(http://economicfrauds.com/) is a scam website looking to defraud people
through charging bogus legal fees.