“The Lookout” said it had received a tip about Taylor’s whereabouts. An attorney representing Taylor, who has stopped his public appearances, said he had no comment about the pending SEC charges.
You have to watch ABC’s two-part program on Taylor. You will shake your head in disbelief. It’s also a cautionary tale about affinity fraud, which is when people use a personal connection such as religious faith or ethnic status to gain people’s trust — and their money.
Nearly one in four Ponzi schemes involves affinity-group targets, according to a study by consulting firm Marquet International. The three most common affinity groups targeted by scams, accounting for 85 percent of such cases, are the elderly or retired, religious groups and ethnic groups.
Affinity fraud is hard to prevent because the pitch often comes from someone the victim trusts or someone introduced the victim by a friend or relative the victim respects. In such cased, people let down their guard and suspend common sense, which opens them up to becoming a victim.
Just keep in mind that having trust and faith in someone doesn’t mean you shouldn’t also have an abundance of skepticism.
This week’s Color of Money Live chat is canceled.
Join me next Thursday, Sept. 5, at noon ET. My guest will be Robert L. Deitz, a professor of public policy at George Mason University. His book, “Congratulations - You Just Got Hired: Don’t Screw It Up,” is the Color of Money Book Club pick for this month.
A survey by two researchers at the University of Michigan’s Ross School of Business found that savers are preferred over spenders as romantic partners.
“The desire to attract a romantic partner often stimulates conspicuous consumption, but we find that people who chronically save are more romantically attractive than people who chronically spend,” wrote Jenny G. Olson and Scott Rick in their paper “A Penny Saved is a Partner Earned: The Romantic Appeal of Savers.”
For last week’s Color of Money Question, I asked: “Do you find savers sexy?”
“Savers are very sexy,” wrote Sandy M. Banks of Chattanooga, Tenn.
And from Twitter followers:
Dreadlock Diplomacy @esfaceblack wrote, “Im [sic] a say it once, and [probably] say it again several times later... saving $$ is SEXY.”
Constance Avery @Sarrobsgirl said, “Yes, I do, as long as they are open to an occasional extravagance.”
Tia Lewis contributed to this report.
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