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Rufus Paul Harris Flattered Again

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January 14, 2008 – Comments (6)

in this Myrtle Beach article.

Allegedly involved in helping to orchestrate a colleague's real estate scam.

An investigation by The Sun News shows the local condos and those in other states are the latest venture for Woods, who is connected to a web of shell corporations with dubious finances and counts penny-stock promoter Rufus Paul Harris among his business partners.

Harris, of Adairsville, Ga., helped Woods form Atlewa Trust, the company that was supposed to finance Crystal Palace and Bahama Island. Harris is being sued by the Securities and Exchange Commission over an alleged pump-and-dump stock scheme he orchestrated.

Who would believe such a thing, from the man whose bullspit press releases at "Conversion Solutions" duped so many penny-stock bagholders out of their hard-earned cash?

6 Comments – Post Your Own

#1) On January 14, 2008 at 8:42 AM, TMFBent (99.81) wrote:

This is hilarious... Read that article and see how this guy duped the condo devolopers with a version of Rufu's old "euroclear bonds" story.

"They needed someone who could get a lot of money to get the thing going," Brittain said.

Among the purported source of Atlewa's funds were bonds Woods said he could place with Euroclear, a securities clearinghouse based in Belgium.

Woods played the part of an international investor with deep pockets and a lot of clout, and his stories and paperwork seemed to check out, according to Brittain.

Crazier yet, this is just a scam torn from a 100-year old book, written by the Swedish Match King, Ivar Kreuger, and recently summarized in an Economist article.

(Krueger ran an old roll-up growth story that duped American investors out of hundreds of millions back in the day, but he was paying dividends out of the capital he was collecting. In other words, he was running a Ponzi scheme. In the end, everything allegedly fell back on some Italian bonds, which were, in fact, forgeries in his own hand.)

He shot himself. I imagine there are plenty of people who would think that too kind an end for Woods and Rufus.

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#2) On January 14, 2008 at 5:25 PM, abitare (31.77) wrote:

Couple of really good quotes. The BEST QUOTE: 

"The cowboy hat-wearing Harris, whose colorful image included business meetings at Hooters restaurants, had a devout following among penny-stock pickers on Internet discussion boards."

 

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#3) On January 14, 2008 at 7:39 PM, TheGarcipian (61.11) wrote:

Live by the scheme, die by the scheme, I suppose. Such Get-Rich-Quick schemes are almost always profitable, but only for the person(s) that anted up first in their Ponzi Poker game. Woods and Rufus' time will come, but probably not soon enough. In the meantime, penny-stock pickers (for the large majority) and their money will continue to part ways for there will always be another Rufus or Woods coming along to take their place. 

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#4) On January 14, 2008 at 10:15 PM, TMFBent (99.81) wrote:

Wonder whatever happened to that CS pumper that was on caps. I always suspected he/she/it was an alias for Rufus himself.

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#5) On January 14, 2008 at 11:20 PM, dwot (42.57) wrote:

What a shame for the investors. 

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#6) On January 15, 2008 at 4:24 AM, abitare (31.77) wrote:

Couple of really good quotes. The BEST QUOTE: 

"The cowboy hat-wearing Harris, whose colorful image included business meetings at Hooters restaurants, had a devout following among penny-stock pickers on Internet discussion boards."

 

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