Business Frauds: How Are They Getting Worse

By Author: Jack Henry
Total Articles: 1
Comment this article

Business frauds are getting bigger and worse than ever. People are deploying ruthless means to embezzle money from unsuspecting victims who realize that they have been conned only when it is too late. The frauds are increasing not only in number but in magnitude and some shameless people are giving a bad name to the rest in the same profession. No matter how cautious one may become, these clever frauds find innovative ways and means to con people. Talking of business frauds, one name that has constantly been a highlight is Jay Mulein, the owner at Hidden Values LLC, a financial services and consultancy company. Mr. Mulein has devised a very clever plan to get in touch with people, take a huge amount of money from them and then never return it. If only he had applied this genius to a productive and positive activity, this country could have gained a valuable citizen.

Mr. Mulein approaches a business under the pretext of getting them free insurance. Now, the word ‘free’ rings a bell for everyone. In addition, the idea that if something happens to you, you would be compensated for the loss without paying anything from ...
... your pocket is in fact very appealing. However, there is of course a catch. Mr. Jay Mulein says that he would need to take the money for the first year’s premium from you and that he would return it to you later, only the later never comes and the money is never returned. However, he takes complete care to keep suspicion at bay for as long as he can by paying you meagre amounts every now and then. With these small payments, there is a lingering hope that one day you will get all your money back, only you never get it back.

One of the claimants of the fraud by Mr. Mulein and his company states that Mr. Mulein borrowed a sum of $121,693, which was to be the first year insurance premium amount for three insurance policies that they bought. Instead of paying back the loan in the decided time of a month, Mr. Mulein kept trickling small amounts of $20,000, $18,500, $10,000, and $2,500 at different intervals in an attempt to prevent a lawsuit being filed against him. Mr. Mulein still owes an amount of $70,693 plus the interest that is due on the loan. Though a court case has been filed against Mr. Mulein, he remains unabashed, or maybe he is just used to it by now. To cover up the things, he is now seeking bankruptcy court protection and claiming that he has a debt of millions but very few assets, an obvious but useless move.

For more information about Jay Mulein, read at http://www.ripoffreport.com/insurance-companies/jay-mulein/jay-mulein-diversified-financi-1E2EE.htm and http://www.crunchbase.com/person/jay-mulein