50,000 Victimized by Pyramid Schemes
From Times Wire Reports
At least 50,000 Belgians have fallen prey to fraudulent high-yield “pyramid” investment schemes in the past two years and lost more than $160 million, court officials said. “The numbers are very realistic but could rise further,” said a spokesman for the prosecutor’s office in the northern town of Dendermonde. Dozens of people are under investigation or facing charges over fraudulent pyramid schemes, the spokesman said. But he was unable to say how many people would be prosecuted.
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