Crooks are using social media sites to promote illegitimate high yield investment programs (Hyips), the U.S. Financial Industry Regulatory (FINRA) warned last week.

FINRA says the bad guys behind the scams are using sites such as YouTube, Twitter and Facebook to promote the ponzi schemes, leveraging the popularity of the sites to create the impression that the investment vehicles are legit, have a strong public consensus and offer high returns.

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