http://news.com.com/2100-1030_3-5553141.html Lawsuit alleges 'online currency' scam Published: January 27, 2005, 8:47 AM PST By Declan McCullagh A lawsuit claiming that a "gold backed" Internet currency scheme bilked investors out of more than $250 million can proceed against a bank implicated in it, a federal judge has ruled. At the height of its popularity, the OSGold currency boasted more than 60,000 accounts created by people drawn to promises of "high yield" investments that would provide guaranteed monthly returns of 30 percent to 45 percent. But around July 2002, the eve of the maturity date for the investment program, the company that offered the accounts suddenly ceased payouts. David Reed, who had founded the company called One Groupe International, eventually was discovered to have relocated from the United States to Cancun, Mexico. [...] _______________________________________________ Politech mailing list Archived at http://www.politechbot.com/ Moderated by Declan McCullagh (http://www.mccullagh.org/)
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