A new scam scheme aimed at defrauding investors in the U.S. is targeting those who may have fallen prey to the so-called nuskins pyramid scheme.
A company called U.N. Global Investments (UNGIC) has created an app for those seeking to make a quick buck from the scheme.
It uses an algorithm to determine whether the scheme is legitimate and if so, which countries are involved and the types of investments being made.
The company says it has received more than 2,000 complaints from investors who were tricked into signing up for the scheme after the app’s launch.
The app uses an “asset value” algorithm to decide if a country is a legitimate place to invest, according to a blog post by UNGIC CEO John J. Cramer.
It then determines the country’s asset value.
It then shows an investor a list of countries, and the investor can then choose one of them to choose from.
Cramer said UNGECs objective is to create a simple and easy-to-use way for investors to invest in the scheme, even if they are not familiar with the details of the scam.
“It is the easiest way to invest overseas that anyone can understand and use, he said.
UNGEC says it is looking to raise about $2.5 million through the app to finance the scam, which it says will eventually go public.
Investors can also contact UNGIG, which will provide them with contact information, a list with the names and addresses of the governments involved, and a list containing a list the countries involved in the investment.
Investors can also choose from more than 30 countries that are not listed on the app.
U.N.-affiliated brokerages and hedge funds have also been involved in similar schemes in the past.
CDP, for example, is also reportedly involved in a similar scheme, according the Associated Press.
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