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In a crackdown against a new breed of investment scams, through both tele-marketers and the internet, Canadian and US authorities are cooperating in a project called “Field of Dreams.”
The scams generally promise the victim instant wealth. There is almost always a need to act immediately, lest the opportunity for such wealth be lost to another investor — one willing to send his money first.
A recent internet scams involving a US company promised returns of up to 600% on investment capitol. Who can resist sending in $1,000 in anticipation of a return of $600,000? The money was supposed to be funding a “virtual shopping mall” on the internet, where customers could purchase most anything.
Another concerned a firm that promised a “financially rewarding experience for housewives.” By investing hard-earned dollars, one could receive stock certificates good (?) for opportunities in the snail ranching field.
Other promises turn out to be nothing more than Ponzi schemes, where old investors are paid off using the funds provided by new investors.
Operation Field of Dreams is aimed at educating consumers so they do not fall victim to such schemes. The message the two Canadian provinces and 21 States are trying to convey is simply, “If it sounds too good to be true, it probably is.”
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