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By MICHAEL A. HILTZIK, CHARLES PILLER, TIMES STAFF WRITERS |
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January 25,
2002 |
Taking a Flier on a Scam; Proliferating Ponzi schemes on the
Internet tempt gamblers who think they can get out in time. Most
don't.
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| Intro: |
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With three years' experience putting money into get-rich-quick
programs online, Jack Reitzel believes he has learned all the rules.
One rule is not to believe anything the promoters say. If they
promise a 300% return on investors' money in two weeks, it's more
than likely the site will disappear before the deadline arrives. If
they claim their response is slow because they've had emergency
surgery or technical problems or a dispute with their bankers, it's
time to worry.
And above all, one should understand that the longer one plays, the
better the chance of losing. |
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| Excerpt: |
"It's never been easier for con men to reach so many
victims so easily," said David Marchant,
a Miami-based publisher of newsletters exposing offshore investment
scams. "The Internet has accelerated the life span of your average
Ponzi scheme, which used to be spread by word of mouth. With the
Internet, they don't have to do the traditional things like
infiltrating church groups anymore." |
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