Internet Payday Loan Mess

The Little Loan Shop has a big problem (badabing). They’re filing for bankruptcy protection claiming that it owes more than $100M to 1,300 investors.

Many investors are accusing the principal, Doris Nelson, of running a ponzi scheme.

The deal is just a mess. How do you turn $100M into $2.7M in accounts receivable?

I feel for the investors, but when someone guarntees you a return of 55% per year, run like hell.

You can read more about this story in the Spokesman review.

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