The rise of social media has made it easier than ever for fraudsters to pitch get-rich-quick schemes to the masses. They plant the seed in viewers’ heads that making money is easy and others are already doing it, and the focus is on the broad strokes rather than the actual strategy. Matt Onofrio is an average guy who made tens of millions of dollars from investing in commercial real estate, but the deals were often at a considerable markup and allegedly involved bank fraud. With instant entertainment and results, people are more susceptible to believing in these scams, but it’s important to prioritize steady contributions to retirement accounts rather than seeking fast cash.
The person mentioned in the article is Matt Onofrio, who allegedly defrauded investors in commercial real estate deals while claiming to be an expert and making tens of millions of dollars.
The company mentioned in the article is Goldman Sachs, which manages Apple’s new savings account. Some Apple customers are unhappy with the time it takes to transfer money and are blaming Goldman Sachs.
