Thursday, November 13, 2008

In the USA the government would be bailing out these fraudsters …

Colombians riot over pyramid scam

Colombian Vice-President Francisco Santos warned citizens to avoid pyramid schemes. "When someone promises to double your money in six months they are trying to trick you," he said. "Nothing is free in this world and that is not going to change." A number of bogus companies have vanished in recent months after promising depositors interest rates as high as 150%. Our correspondent says some of the schemes have actually paid out money to investors to launder drug profits. Pyramid investment schemes are said to be often more popular than regular savings accounts in Colombian banks, which charge high fees.

Posted by mark wadsworth @ 10:14 AM (420 views)
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2 thoughts on “In the USA the government would be bailing out these fraudsters …

  • Pyramid Scam – Sounds a bit like our housing market!

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  • What happened to the good old blogger “Gone to Colombia”? Still chillin’ out in Cali?

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