2003 Pie in the Sky Award winner – 1st Place

You wanted to be rich, and this man promised it to you. Now with the trillions of dollars you’ve made, you can buy the whole world five times over! But surprise surprise, it’s not a legitimate offer – in fact, it’s the PITS. That’s why it wins the inaugural ‘Pie In The Sky’ award for 2003.

The 2003 winner is a so-called ‘high yield trading program’ offered by email by someone calling himself Adam Petersen. Move over Bill Gates, our winner ‘Adam Petersen’ is apparently the world’s richest man, and its most successful investor. He sends out emails saying he’s an ‘experienced high-yield trader’.

He claims:
I have been a full time trader for the past 15 years. Throughout this time, profits have CONSISTENTLY EXCEEDED 890% percent annually (20% per month compounding)… Returns on a monthly basis may be significantly lower than this projection – or significantly higher!

Invest just US$1 for 15 years with Adam
‘Let’s assume Mr Petersen invested just one single US dollar 15 years ago’, ASIC Executive Director of Consumer Protection, Mr Peter Kell said when announcing the award.

‘If what he says is true, Mr Petersen’s total wealth should be about $179 trillion. Which is interesting, given that total world gross domestic product (GDP) reached only US$31 trillion in 2001 according to World Bank figures – a mere trifle in comparison!’, Mr Kell said.

Perhaps Mr Petersen keeps his breathtaking fortune on another planet to escape publicity … his past investment returns are certainly out of this world.

Warnings from regulators around the world
‘Authorities around the world regard so-called ‘high yield‘ trading programs as a total fabrication, and issue regular warnings against them’, Mr Kell said.

‘High yield trading programs usually offer a get-rich-quick scheme for trading international bonds with global banks. Cloaked in secrecy and using a mumbo-jumbo of legal and financial terms, they pretend to offer special access to global high finance’, he said.

Even Mr Petersen himself acknowledges that some people in his line of business are less than reputable. His e-mail says ‘…it has angered me to see the way unscrupulous individuals have tainted this arena and taken advantage of people.’

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