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Mar 23, 2005 -- Ponzi schemes on the rise again
Every week, it seems Clark shares a story about the latest Ponzi scheme. The most popular kinds are Ponzi schemes and affinity scams. Churches and doctors are often targets of these schemes. And the latest newsworthy scam is unbelievable. One man conned $253 million out of about 7,000 people by getting them to believe a lie. Larry Osaki somehow convinced people that they would get 20 percent returns on the money they gave him every 90 days. So, what would they make money on? Latex gloves. Its not a joke. People thought the next big break was in latex gloves. If your stocks are doing great, youre going to earn 7 to 10 percent on your money each year at the most. Thats over the course of a year. One consolation is that Osaki is headed to prison, according to the Orlando Sentinel. Whenever someone promises you more than the normal return on your money, run the other way.
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