Tuesday, March 9, 2010 - 9:34 AM

Ponzi scheme by CUSO broker inside a credit union office

This shows that you can be targeted with a ponzi scheme even inside of a credit union office. From CUNA news

Michigan's Office of Financial and Insurance Regulation (OFIR) issued a cease-and-desist order against a broker who sold unregistered securities in a multi-million dollar Ponzi scheme while operating out of a credit union service organization in Ann Arbor.

It should be noted that the credit union was not involved in the scheme.

KenBDG3,626 posts since
Nov 29, 2009
Rep Points: 103,235

1. Thursday, March 11, 2010 - 1:54 AM

This is more common than you'd think.

Just because someone has a desk inside a bank or credit union branch doesn't mean that they are actually backed by the bank or credit union.

Look closely at the fine print on their business card.

cactus28 posts since
Jan 17, 2010
Rep Points: 245