The Financial Industry Regulatory Authority (FINRA) warned consumers last week about online Ponzi-type investment fraud schemes known as High Yield Investment Programs or HYIPS that are being marketed through social networking web sites such as Facebook and Twitter. FINRA's investor alert, issued last Thursday, noted that one such fraud had bilked some 40,000 investors in 120 countries out of $70 million. The alert said that many such frauds include classic ponzi warning signs, such as extraordinarily high returns and some are even brazen enough to entice investors to "ride the ponzi" before it collapses.
Read FINRA's alert here.
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