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Sunday Business Group |
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By Peter Warren |
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August 18, 2002 |
ONLINE FRAUD: THE NIGERIAN STING |
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Intro: |
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Of all of the recent trendlines
suggesting the internet may at last be realising value as an online trading
medium, one indicator is conspicuous by its absence: the figures for online
crime. Yet websites run by professional conmen and organised crime are booming
- as are sites designed to keep tabs on the fraudsters. |
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Excerpt: |
Other money-making scams now flourishing
on the internet promise investment opportunities producing returns of over
150%. Many claim to be based in the Caribbean. David Marchant, publisher of the
website Offshore Business & News Review
(sic), who has pursued many frauds, says
websites provide convenient covers.
Chief among his targets was Imperium Consolidated, a Grenadian-based operation,
now in receivership with debts of about £170m (e272m), set up by UK-based
businessmen Jared Brook and Lincoln Fraser. Initially, Imperium used the web to
advertise schemes that promised unrealistic returns on investment, but Brook
and Fraser then switched to offering investments to a hand-picked group of
clients via highly visible websites. |
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