Another ponzi scam...really close to home
There was a ponzi scam that was just discovered in Orange County. A company called Pinupitu, Inc, let by a guy named Chris Hwang. It was founded in 2004. Guaranteeing annual return of 24% with 2% annual interest pay out.
This scam focused mainly on korean community in LA and Orange County. It was just reported on local Korean news paper yesterday. Among few people, mostly its own employees, the amount is estimated to be around $10M. This amount should increase as more people come forward.
Pretty crazy. I remember seeing their ad in a newspaper too.
And not to be outdone:http://www.charlotteobserver.com/breaking/story/567151.html
When I see stories like the one Gordon posted, I always ask myself who would wire funds to a bank they've never been to on the 'promise' of 45% returns? A fool and his money are parted faster than ever these days.