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Promise of 8% Return Becomes Offer of 16% Loan for Ponzi Victims

TedTed
in The Bullpen
FYI: Guaranteed annual returns of 8 percent, the offer seemed too good to be true.

And it was.

About 10,000 investors -- many of them retirees -- were swindled out of $1.2 billion they had sunk into a now-bankrupt real-estate developer that federal regulators say was a Ponzi scheme.
Regards,
Ted
https://www.bloomberg.com/news/articles/2018-08-27/promised-8-roi-investors-now-offered-16-loan-to-recoup-money
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