Ronald Pyrozyk

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FIBG latest: Dodgy share offerings and more ‘paper’ firms list on sham stock exchange

The latest phase of what is turning out to be one of the most extravagant offshore frauds ever involves the sale of shares over the Internet, supposedly to finance a 120-room luxury resort hotel in Grenada and an on-line casino. Investors in the resort project are "guaranteed" annual dividends of between 25-30 per cent, depending on the amount invested, even before anything has been built, while shareholders of the casino venture are promised 35 per cent annually.