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A high-yield investment program (HYIP) is a type of Ponzi scheme, an investment scam that promises unsustainably high return on investment by paying previous investors with the money invested by new investors. [1]
“Investment scams always promise high, unrealistic returns with little or no risk,” McGlynn said. “Remember that if an offer seems too good to be true, the chances of it being true are remote.
Image source: Getty Images. Business impersonation scams are the most reported type of financial fraud. According to a May report by the Federal Trade Commission (FTC), about 332,000 people fell ...
Investment scams often rely on similar techniques, but without the crypto spin. The Better Business Bureau, or BBB, considered the combined crypto and investments scam to be the riskiest scam in ...
The company offered investors programs with returns on investment such as 2% per business day, with funds available for withdrawal 170 business days after investment. The Minnesota Department of Commerce said that a $1,000 investment yielding 2% per business day would be worth $37,198 after 170 business days. The company also offered ...
Typically, Ponzi schemes require an initial investment and promise above-average returns. [21] They use vague verbal guises such as "hedge futures trading", "high-yield investment programs", or "offshore investment" to describe their income strategy. It is common for the operator to take advantage of a lack of investor knowledge or competence ...
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