Faafoi seeks feedback on new Ponzi scheme laws as victims left out of pocket

Wed, 09 May 2018

By Sophie Boot May 10 (BusinessDesk) - The government wants public input on the laws surrounding Ponzi schemes, with current legislation to recover investors' funds not designed to deal with the scams meaning victims are left out of pocket. Commerce and Consumer Affairs Minister Kris Faafoi said public consultation on a new regime begins today and will run until July 6. A Ponzi scheme is a fraudulent investment scheme where investors are paid false profits from the amounts invested by new investors. Currently, there is no specific law...

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