Dentist Runs Affinity Fraud Scheme in Austin
The Perfect Scam
AARP
4.5 • 980 Ratings
🗓️ 20 September 2024
⏱️ 52 minutes
🧾️ Download transcript
Summary
Neill is a successful ER physician and business owner who has regrets after a recent missed investment opportunity that proved to be lucrative. So he jumps on board after meeting Clinton Herzog who is offering buy-ins for his dental clinic chain in Austin, Texas. Unfortunately, this new investment opportunity turns out to be a classic Ponzi scheme and Clinton disappears with hundreds of thousands of dollars from the doctor and his friends.
Transcript
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| 0:00.0 | This week on the perfect scam. |
| 0:05.0 | He wasn't slickly dressed. He dressed like I did, |
| 0:09.0 | just kind of a guy in there at the time, mid-40s, |
| 0:12.0 | that is moderately successful but not over the top and he came |
| 0:17.0 | across as being confident and but he was charismatic they seemed like a very |
| 0:21.6 | likable man but I think if he would have been slicker, I think my guard would have been up. Welcome back to the perfect scam. I'm your host Bob Sullivan. |
| 0:38.0 | One of the big themes on the perfect scam is that anyone can be a victim. |
| 0:44.4 | If you heard me say it once, you've heard me say it a thousand times. |
| 0:47.6 | But today's story is going to really bring that home. |
| 0:51.0 | Because today's victim is not only an accomplished cool-headed ER doctor, he's also |
| 0:56.3 | a seasoned investor and entrepreneur. His story will really make you think, especially because Neil Slater is very open about what happened to him and he's |
| 1:06.2 | also a bit of a casual expert on behavioral science and cognitive biases. That's one of my pet topics too. So today you're going to learn about something |
| 1:15.5 | called survivorship bias, which I'm sure you'll be able to put the use in your own life right away. |
| 1:20.5 | And you'll also learn about affinity fraud, which, well, it just |
| 1:24.8 | means that even when you trust your friends, you should always do your own |
| 1:28.8 | research before getting involved in any investments. Now, let's me Neil. |
| 1:35.0 | I live in Austin, Texas, and I'm a board certified emergency |
| 1:39.7 | medicine physician that works in kind of a rural West Texas. |
| 1:44.3 | So what's an emergency medicine physician? |
| 1:46.7 | I'm the guy that's at the end of the ambulance. |
| 1:50.3 | So if you catch a ride to the hospital on an ambulance to the emergency room or walk into the ER, |
| 1:55.6 | whether you're heard or sick, I'm going to be the doctor that's there at the end of that journey. |
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