Austria | Investor's Watchblog

Austrian Scam May Have Claimed Thousands of Victims

On February 16, 2010, in Austria, Scams, Securities Industry (general), United Kingdom, by Investor's Watchblog

You have something in common with the residents of the Austrian state of Styria. Scam artists have been trying to separate them from their nest eggs. According to the Austrian Independent, investors in Styria have fallen victim to a pyramid scheme that promised them a return of 100 percent return after one year in exchange [...]

You have something in common with the residents of the Austrian state of Styria. Scam artists have been trying to separate them from their nest eggs. According to the Austrian Independent, investors in Styria have fallen victim to a pyramid scheme that promised them a return of 100 percent return after one year in exchange for introducing two other investors to the supposedly profitable program. Investigators have so far found 400 victims with losses totaling $2.5 million euros. The authorities believe that they have only scratched the surface of this scam and that victims will eventually number in the thousands. (more…)