The latest fradulent gold buyback scam made the news just a few days ago, and things don’t look good for the 20+ investors who sank over $35 million into the scheme. Conned by a company called Suisse International, if these investors had only had a closer look at the company website, complete with poorly photoshopped pictures and a banner containing an egregious grammatical error, they might have smelled a rat.
The company had its customers invest in gold in return for a monthly payout of $1,000 for every kilo of gold purchased, yielding a return on investment of about 20%. Predictably, after a few months the payouts stopped and the company and its founders dropped off the face of the earth.
The disturbing thing is that this isn’t the first time someone’s played the exact same trick. Companies like The Gold Guarantee, Genneva Gold and the Gold Label have pulled the same stunts in Singapore and Malaysia.