Con Founded

Let’s do a thought experiment. And to be clear, it’s just a thought experiment. Far too often we hear, see, or read in the media of some unfortunate person or couple swindled of their lifesavings by a crook using a confidence scheme. The stories are heartbreaking. They leave me wondering about the humanity of some people and how to rid this scourge.

You are probably familiar with crowdfunding, a type of crowdsourcing for alternative financing to fund projects. In particular, we often come across crowdfunding on the internet: raising money from many people for a specific project or idea.

Now the thought experiment. What if we found a way to go on the offensive against these confidence schemes? Suppose we came across a crowdfunding venture to identify the principals in elder financial abuse and to shut down the operations. For this thought experiment, let’s assume that the action is illegal: extortion, intimidation, or coercion. We’ll allow for physical violence in this experiment, but draw the line at loss of life. We’ll be able to donate to the crowdfunding venture anonymously with no legal ramifications to participate.

Could I see myself donating to a venture that stamps out crooks preying on the elderly? The short answer is: I think I could. I think I’d justify it to myself as fair recompense to the perpetrators. And that the publicity of breaking up one organization acts as a deterrent for others.

But I need to qualify my answer. I’m not an early adopter. I’d want to see some evidence that crowdfunding this sort of venture works, in particular that the perpetrators targeted are the right ones. And I’d probably want this information upfront before I donate. That is to say, a sad storyline like “The Joneses have been cheated out of their life savings, let’s raise funds to find the perpetrators!” won’t be enough to get me to fund a venture. I’d need to know that the criminals are identified and see evidence tying them to the victim(s).

 My answer somewhat surprises me. I consider myself to be a law-abiding citizen. I believe in the rule of law and due process. But these confidence schemes anger me. Even with the qualifications, I’d be crossing a line I wouldn’t have thought I’d traverse. Of course, it’s just a thought experiment. What I’d actually do if presented with the opportunity in real life is something else entirely.