Thousands riot in Colombia over pyramid scheme losses [View All]

[Doctor Cynic]

Source: Reuters

Thousands of Colombians rioted around the country Wednesday, demanding their money back after being defrauded in a series of pyramid schemes and then mocked in some cases by those who took their cash.

In some of the nine cities where the protests erupted, police used batons and tear gas to subdue angry mobs.

In recent months, a number of phony loan companies have vanished along with millions of dollars in deposits after promising interest rates of up to 150 per cent. Regular savings accounts are unpopular in Colombia due to high banking fees.

"Dear investors, thanks for trusting us and depositing your money," read a note posted on the door of a company in the southwestern province of Cauca after its owners disappeared.

Read more: http://www.cbc.ca/world/story/2008/11/12/colombia-riots.html