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By Gregg Fields

September 3, 2001

S. FLORIDIANS LOSE MILLIONS IN SCHEME

Intro:
 

Hundreds of South Floridians avidly listened as a former insurance salesman spun dreams of wealth and investments that could yield 100 percent returns within months.

So persuasive were Melvin J. Ford and other promoters from The Forum that thousands of people across the United States flooded this tiny offshore banking center in the eastern Caribbean with their money from 1995 through last year - and gave The Forum total control over how to invest it. Some borrowed, took second mortgages, and cashed in their retirement accounts.

 
Excerpt: But the publisher of an offshore banking newsletter questions the desire to crack down.

"You can have any law you want," said David Marchant, Miami-based publisher of Offshore Alert. "If you don't enforce it, or have the will to enforce it, you have nothing."
 

 

 

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