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Corporate & Securities Law

: FinancialCounsel

An Introduction To HYIPs: Ordinary Ponzi Schemes Dressed Up For A Web 2.0 World

By James Eccleston

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FINRA (the Financial Industry Regulatory Authority) recently issued an alert to investors regarding a sophisticated, social media-linked fraud.  Those Ponzi schemes are called high Yield Investment Programs (HYIPs), and they are growing rapidly worldwide on the Internet.  Recently, for example, the so-called Pathway to Prosperity exposed 40,000 investors in over 120 countries to $70 million in losses.  Let's examine the scam.

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Full post as published by FinancialCounsel on October 06, 2010 (boomark / email).

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Lawsuits and Settlements

Wesley A. Snyder et al.
alleging the consultants perpetrated a Ponzi scheme by encouraging borrowers to lend more than they needed.

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