Exposed: How a 60-Something Con Master Pulled Off a Jaw-Dropping Ponzi Scheme While on Probation—And What It Means for Investors Everywhere
South Korean police arrested a man in his 60s for orchestrating a $60 million Ponzi scheme while on probation for a previous fraud conviction, according to a Friday report from the Yonhap News Agency.
The suspect, identified as Mr. A, and six accomplices allegedly defrauded investors between October 2020 and January 2022. The group held promotional events in Gangnam, Seoul, claiming they ran businesses in artificial intelligence (AI) and crypto.
Promising returns of 300 percent, the group attracted more than 2,200 investors, with individual contributions ranging from approximately $770 to $770,000. The operation followed a typical Ponzi scheme model, using funds from new investors to pay returns to earlier participants until the scheme eventually collapsed.
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