Chinese Investors Are Being Ripped Off by Ponzi Schemes
Posted on behalf of Greg Coleman Law on Sep 04, 2018 in Consumer Alerts
Have you met the Trump voter who says, “The reason that I pulled the lever for the President was that I was hoping that he would make it easier for scam artists to steal my life savings, the way it is in China?” I have not, either.
The Post’s story today shows how an unregulated securities market, without adequate government oversight, can harm investors. It is a story about how a rapidly growing number of people in China have lost their life savings to Ponzi schemes.
This post traces how the proposals from some Trump SEC Commissioners to eliminate private securities fraud class actions would make it far more likely that Americans would be subject to the same kind of fraud that has been spreading in China. It discusses how securities class actions have gotten important remedies in the U.S. for victims of Ponzi schemes in the past. I hope that you will read the blog post.
There were several good press stories arising out of the press event of the Secure Our Savings campaign two weeks ago (this campaign is headed by AAJ, Public Justice and the Consumer Federation of America, all of whom have poured enormous time and resources into it), but we need to keep up the pressure. It would be helpful to have as many people as possible notice stories about how the S.E.C. proposals to gut securities class actions could wreak havoc on our markets and on U.S. investors.