The article discusses the case of Greg Martel, a Canadian businessman accused of running a $300 million Ponzi scheme. The scheme involved offering high returns to investors in bridge loans, which were essentially investments that would be used as short-term financing for other borrowers. However, it appears that the money raised from these investments was not being used as promised, but rather being siphoned off by Martel.
The article notes that hundreds of investors are now left wondering if there is any money left and if Martel still has some of it. They are also questioning why authorities cannot track him down or whether he will be able to hide out forever.
Some key points from the article include:
- Martel was accused of running a Ponzi scheme, which involves using funds from new investors to pay returns to earlier investors, rather than investing the money as promised.
- The scheme involved offering high returns to investors in bridge loans, with some investments promising returns of over 160% per year.
- Many investors were attracted by the promise of high returns and did not notice any red flags until it was too late.
- Martel is believed to have left Thailand at the end of August after his visitor visa expired, and it is unclear where he is currently hiding.
- The article notes that authorities are still trying to track down Martel and recover as much money as possible for the affected investors.
The case highlights the importance of doing thorough research before investing in any scheme or opportunity, and being wary of promises of high returns with little risk. It also underscores the need for authorities to be vigilant in monitoring and regulating financial schemes to prevent such scams from occurring in the first place.
