In past Green Sheet issues, we've warned you of scams and otherwise shady activities in the marketplace. Unfortunately, there is another to report.
Two California men have been charged with racketeering, conspiracy, and securities fraud in selling $75,000 worth of investments in an ATM company.
The Nevada Attorney General's office is searching for the Californians who are accused of illegally selling stakes in a limited partnership that would own a large group of ATMs, which in turn would generate income from transaction fees.
According to the complaint, the two men are alleged to have never purchased or operated any ATMs. While some victims received returns on their investment, it came from other investor money in what is known as a "Ponzi" scheme, according to Deputy Attorney General, John Cunningham.
The accused allegedly called victims from Carson City between September 1995 and June 1996 and at least seven victims have lost a total of $75,000. Police are still on the look out for them-you should be too!
