Gold Ponzi schemes look so good

Gold mining has always appealed to us. Who wouldn't want to invest in a successful mining operation? Gold, diamonds, or other rare substances can make you very rich!

A Ponzi scheme uses your hopes and dreams and appears to be the real thing. The most recent scheme involved people from the United States and Canada with the money moving through bank accounts in Europe, Asia, South America and North America. This was a $300 million Ponzi scheme where two men living in Florida and four Canadians set themselves up as an independent financial education firm.

The firm promised the investors that they would earn between 18 - 36% when they invested. Over 3,000 people did invest and the ones who invested early got paid by the ones who invested after them. Then the money is gone and the fraud becomes apparent.

Charges have been laid for including theft and fraud. There are hearings before the securities commissions and court proceedings will commence.

As always,if it looks too good to be true, it likely is!