ASIC's Pie in the Sky Awards

4.9 EF Futura · 30-01-2007, 06:23 PM

Every year, the Australian Securities and Investments Commission releases its Pie in the Sky Award. The Award focuses on the most creative and most "successful" investment scams brought to light during the previous year.

I guess it's an excercise in ASIC "showing off" how it has flexed its regulatory muscle over the previous year, but more importantly - it shows how devious some of the scams are and... unfortnately... highlights how many Australians get ripped off by these crooks.

Well, the results are in for 2007.

http://www.asic.gov.au/asic/asic_pub...y?openDocument

Quote:

The ASIC 2007 Pie in the Sky Award goes to the Ponzi scheme operated by Guiseppe Mercorella that offered people between three and six per cent per month. Mr Mercorella’s illegal scheme received $216.9 million from investors who ultimately lost $76 million. Mr Mercorella is now serving a five year jail term on ASIC charges.

Many of the investors were from South Australia, and many from the local Italian community who became aware of the scheme through family and friends. This is typical of how many people become involved in ‘Ponzi’ schemes. Some investors mortgaged their homes to invest with Mr Mercorella.

5 years for $76 mil fraud seems a bit light to me, but moving on....

Your runners up....

Everybody's favourite:

Quote:

Originally Posted by Scheme

A London man has $US34.5 million belonging to a US managed fund and he’s willing split it 50:50 with you. No risk, and the funds can never be traced.

Quote:

Originally Posted by How they win

Contact the writer, and he’ll discuss the deal.
A typical ‘advance fee’ fraud. You’ll be asked to pay various ‘handling’ and ‘administration’ fees until your patience or your money runs out.

And a new one, ive not had this one tried on me:

Quote:

Originally Posted by Scheme

Get a cheap one-way ticket out of Australia with New Flights Limited.

Quote:

Originally Posted by How they win

Email your ticket requirements.
A fake company, not registered with ASIC, uses stolen credit cards

Congratulations to all winners lol.