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COPYRIGHT 2004 Financial Times Ltd.
(From Funds International)
Poor stock market performance and low interest rates are providing a fertile breeding ground for investment scams. These are often referred to as 'Ponzi schemes' in dubious honour of one Charles Ponzi who in the early 1900s took over $10 million from unwary investors by promising them super-returns.
What has changed is that a new medium has been added to the scam- artist's armoury, the internet. In a security sweep in November 2003, Operation Cyber Sweep, the North American Securities Administrators Association (NASAA) identified some 125,000 victims who had incurred losses estimated at more than $100 million. The operation led to 125 arrests.
In August this year NASSA and the US Department of Justice teamed up in the joint Operation Web Snare that led to...
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