ALAN2: Sorry. No sympathy for these people. 200% return per year? The old saying about if it sounds too good to be true, it is.
Nothing but greed.
SHOOT: Sounds about right. Interestingly a lot of people who lost money often don't come forward, or take their time, fearing their actions have incriminated themselves. This also allows the masterminds to get away with pretty much all the loot. Wonder if that's see to happen here...?
“Rather than the red tape involved with borrowing from banks, Tannenbaum said he would ‘borrow’ the funds to buy APIs from investors, who would be paid handsome returns for deals typically lasting a few months. It was a scheme which extended beyond SA’s borders, with Frankel having operations in Germany, Brazil, Australia and India.
“But the actual business was a fraud. The FM is in possession of many documents which show the largest ‘purchase orders’, meant to prove there was a pipeline of cash to repay investors, were forged (see ragout page 34). Also, auditors have confirmed the financial accounts of Tannenbaum’s companies had been ‘altered and falsified’.” (Financial Mail )
In order to get a full understanding of the scheme it is best that you click on Rob Rose’s article above and visit the SA Ponzi and Richmark Sentinel websites that will be covering this in detail in the coming days.
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