Posted on 03/11/2005 8:45:39 PM PST by FairOpinion
The self-acknowledged mastermind behind an international scheme that bilked 15,000 investors of nearly $60 million was sentenced Friday to 10 years in federal prison.
In 1999, Alyn Richard Waage created Tri-West Investment Club, which prosecutors say was an Internet-based Ponzi scheme that used money from new investors to pay older investors from around the world who were guaranteed a high return at no risk.
Waage, 58, formerly of Puerto Vallarta, Mexico, and San Jose, Costa Rica, pleaded guilty in May to mail fraud, wire fraud and conspiracy to commit money laundering.
If anyone promises you ANY investment scheme with higher, than normal return, and claims there is no risk, run, not walk, away.
People who are honestly selling investments, will tell you about the risk, higher risk, higher potential return, of course higher potential loss.
TANSTAFL
Spammers who flood our e-mail boxes aren't doing it for nothing. Some of them have been known to make good profits selling their scams and junk.
I am afraid you are right.
In 1935 the life expectancy was 62 years and SS was supposed to start at age 65. They hardly had to pay any of it out, it was another way of taxing people.
http://www.infoplease.com/ipa/A0005140.html
Now that people are living much longer, it exposes the whole system.
Was gonna say, sounds like Social Security. Difference is, it is okay since it is a federal program.
My nomination for Post of the Day!
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