Another Forex Ponzi scheme - this time in Australia and is linked to ANZ
Only yesterday I reported about an ongoing investigation of an alleged Forez 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 in Saratosa, US and today one of our readers brought the existence of another investigation to my attention - this time in Australia (thanks fxboy).
The details are scarce but Australian Investor Daily reports that a group of more than 20 investors are exploring whether they have a legal case against ANZ and another financial services firm over $9 million lost in an apparent Ponzi scheme.
Through SAI Finance representative Krishnan Rasaratnam, investors were offered the opportunity to make high returns of 20 per cent per month by engaging in foreign exchange dealings with the benefit of guaranteed capital protection, the documents said.
Investors made their Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term into one of a number of ANZ bank accounts, which were in names that did not correspond with the account names nominated by the investors when they remitted funds, the documents said.
At least one of the accounts is said to be in the name of Rasaratnam, with another said to be in the name of his brother and former Professional Investment Services adviser Manickan Rasaratnam, they said.
All this should have raised a major red flag for the potential victims and I'd like to remind here, again, what should serve as an alert when thinking of making an investment in a high-return investment scheme. When some or all of these conditions apply to your potential money manager - it's time to take a step back and reconsider all the details.
- Starting through an affinity group and spreading the word from there.
- Promising high monthly dividends on a venture that is inherently risky.
- Having an agreement signed by investors not to divulge their deal.
- Lacking filings to the Internal Revenue Service.
- Charging hefty referral fees early on and late bonuses to encourage fresh inflows.
- Having a “reload” or recovery phase.
Only yesterday I reported about an ongoing investigation of an alleged Forez 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 in Saratosa, US and today one of our readers brought the existence of another investigation to my attention - this time in Australia (thanks fxboy).
The details are scarce but Australian Investor Daily reports that a group of more than 20 investors are exploring whether they have a legal case against ANZ and another financial services firm over $9 million lost in an apparent Ponzi scheme.
Through SAI Finance representative Krishnan Rasaratnam, investors were offered the opportunity to make high returns of 20 per cent per month by engaging in foreign exchange dealings with the benefit of guaranteed capital protection, the documents said.
Investors made their Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term into one of a number of ANZ bank accounts, which were in names that did not correspond with the account names nominated by the investors when they remitted funds, the documents said.
At least one of the accounts is said to be in the name of Rasaratnam, with another said to be in the name of his brother and former Professional Investment Services adviser Manickan Rasaratnam, they said.
All this should have raised a major red flag for the potential victims and I'd like to remind here, again, what should serve as an alert when thinking of making an investment in a high-return investment scheme. When some or all of these conditions apply to your potential money manager - it's time to take a step back and reconsider all the details.
- Starting through an affinity group and spreading the word from there.
- Promising high monthly dividends on a venture that is inherently risky.
- Having an agreement signed by investors not to divulge their deal.
- Lacking filings to the Internal Revenue Service.
- Charging hefty referral fees early on and late bonuses to encourage fresh inflows.
- Having a “reload” or recovery phase.