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To: Moominoid who wrote (37870)	8/14/2005 9:55:17 AM
From: redfish	Read Replies (1) \| Respond to of 306849

This is the one my friend got suckered into (at least I had the pleasure of telling him "I told you so"). Funny that they also pitched "asset protection planning" to their dupes: EVERGREEN FUND FRAUD TOTALS $290 MILLION Four men have appeared before court in Florida and agreed to plead guilty to criminal charges relating to the ‘Evergreen Security’ investment scam, which defrauded approximately $290M from more than 2,000 investors, according to a May 24th press release from the Royal Virgin Islands Police Force. The case has been investigated by the White Collar Crime Investment Team in Miami consisting of officers from Scotland Yard and the FBI who worked closely with Orlando, Florida, Investigators. “Significant support has been given by the Royal Virgin Islands Police Force to this investigation and the BVI is continuing investigations into the way in which the fund was marketed and sold,” the release said. The Evergreen Security Fund is not a BVI registered mutual fund, however the shares were sold heavily in the BVI offering a 10% per annum over five year period, a BVI Police press release stated. The Evergreen Fund Fraud came to light here in December 2001 by the Financial Investigation Unit. According to the Tampa Tribune out of Florida, 2,000 investors, many of them elderly people in the Tampa Bay area, invested $200M in Evergreen Security Ltd. On Wednesday April 10th, federal prosecutors revealed that Evergreen was just another Ponzi scheme. Authorities said it was one of the biggest fraud schemes in Florida history. The Tribune said the four top leaders admitted that they bilked people out of their life savings. Evergreen, an offshore investment fund, was based in Orlando, but sold worldwide. Stockbrokers, insurance agents and attorneys were duped into selling Evergreen to their unsuspecting clients. They promised investors their money would be spent on bonds that were backed by US government agencies. But it was all a scam. Up to 60% of investors’ money was spent on commissions, fees, travel and other expenses for Evergreen. Evergreen came to the attention of federal officials after the company filed for bankruptcy in January 2001 with about $200M in debts owed to creditors. A team of state and federal agents traced Evergreen’s financial dealings for a year, travelling to Costa Rica to unravel the scheme. Reports indicate that Evergreen was created in 1991 by Thomas Spencer, 51, of Orlando and Orlando lawyer Robert W. Boyd, 55. In 1998, the scheme was taken over by lawyer Martin Boelens Jr.,55. BVI Chief Minister the Honourable Ralph T. O’Neal was quoted in the Legislative Council late last year as advising persons thinking of investing in the BVI to first check with the Financial Services Department. islandsun.com

To: Moominoid who wrote (37870)	8/14/2005 11:10:47 AM
From: bentway	Read Replies (1) \| Respond to of 306849

I try to go by the simple maxim 'If it looks too good to be true, it IS." Before I had learned this principle, I got a thing in the mail telling me that, if I would look at a timeshare at a nearby lake, I would recieve: a. A two week paid vacation to Hawaii OR b. A Mazda Car OR c. A Lazy Boy chair I thought, HAH! I've got it on PAPER! I win a Lazy Boy recliner! I dragooned a friend with a truck to go with me. We sat through the presentations. I was told my chair was waiting as I left at the exit. Driving up to the small shed, I thought, "They couldn't have many Lazy Boy's in THERE!" The guy handed me a small flat box. It contained a stadium seat with a folding back, made by Lazy Boy! My buddy asked if I wanted to throw it in the back, as he laughed his ass off.