The 'Madoff with the Money' Book Royalties Scam
The Story
A modern variation of vanity publishing where 'publishers' or 'agents' target aspiring authors, offering book deals but requiring the author to pay thousands upfront for editing, marketing, or 'guaranteed' placement in bookstores. Unlike traditional publishing where the publisher bears the costs, these schemes make their money from the authors themselves, with little actual effort to sell books.
🚩 Red Flags
- Being asked for money upfront by a publisher
- Guarantees of bestseller status or large royalties
- Vague marketing plans with no specific distribution
- Pressure to sign contracts quickly
- Poorly edited or generic-looking 'publishing agreements'
⚖️ The Fallout
📚 Lessons Learned
Money should flow TO the author in legitimate publishing. Real agents earn commission on sales; real publishers invest their own money. If it sounds like an easy path to publication, it's a scam.
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