Five Arrested in Connection with MyCoin Scam

Police in Hong Kong have reportedly arrested five people in connection with the MyCoin scandal. Police say that they are looking for more suspects.

MyCoin was an apparent Ponzi Scheme Ponzi Scheme A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and A Ponzi scheme is a scam that looks to lure investors, ultimately paying profits to earlier investors with funds from more later investors.This form of fraud tricks victims into believing that products are instead generated from product sales or other means. In actuality, most investors are completely oblivious to the actual origin of incoming funds.One of the central attributes of a Ponzi scheme is the necessity of its ongoing nature, which is dependent on a steady flow of new contributions and Read this Term defrauding up to dozens of investors out of millions of dollars. It was one month ago when the story broke after several investors complained to police. Users were increasingly unable to withdraw funds, while the doors to its physical offices were reportedly boarded up earlier this year for what the company said were renovations.

Four out of the five were arrested at their homes, the other being picked up on a casino ship. Still at large is William Dennis Atwood, which had been listed as the sole director of Rich Might Investment, the Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term's operator. On the same day of his resignation, he had transferred all of his assets to a British Virgin Islands-based company, Fascinating Horizon Overseas. He was then succeeded by a Wong Lok-yan, listed as a director for 167 companies, who resigned on January 28.

Four of the arrested were reportedly unemployed, the fifth being an insurance agent. Three allegedly collected money from the victims, the other two arranging venues to promote the scheme. Formal charges have yet to be laid.