Crooks are using social media sites to promote illegitimate high yield investment programs (Hyips), the
FINRA says the bad guys behind the scams are using sites such as
The agency says the recently exposed “Pathway to Prosperity” scheme, which tricked more than 40,000 investors in more than 120 countries out of $70 million, used web forums and blogs to tout the returns available.
And earlier this month, the
FINRA has issued a guide for investors to combat the schemes, which are growing rapidly. The FBI says the number of new Hyips investigations doubled in FY 2009 over 2008.