18.11.2010 - Prosecutors: $30mln Ponzi scheme targeted Muslims
From Foxnews.com: More than 300 investors nationwide fell victim and three banks lost more than $13 million after the alleged Ponzi scheme collapsed in 2008, the indictment alleges. Such schemes use new investors' money to pay previous investors. A taxi driver turned prominent businessman in Chicago's South Asian community is among three people indicted for defrauding hundreds of Muslim investors out of $30 million, in part by promising that investments complied with Islamic law, federal prosecutors said Wednesday..............................................Full Article: Source
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