Payday loan scheme nets prison term for Clarksville securities broker. Alvin Allister Ambrose received 6 months in prison and is being forced to pay back $602k of $5m that was misappropriated. He had 180 investors at the time.
I’m sure he’ll file bankruptcy and the $602k will go away.
My question is how did he get 180 people to buy into this? I guess if it sounds too good to be true, it probably is.
Another highly publicized ponzi scheme was reported here at PDL Industry back in June titled: Payday loan ponzi scheme .
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