Payday loan ponzi scheme ring leader disappears

David Hernandez has a warrant for his arrest. The charges are for mail fraud, but the bigger picture is a payday ponzi scheme he operated.

What’s worth mentioning about this story is that if someone offers you “guaranteed investment contracts” at rates of 10-16% you should run. It’s too good to be true.

The FBI made this statement:

“Deposits from investors were “frequently followed by issuance of checks payable to a variety of individuals who previously provided funds to Hernandez and NextStep,” the affidavit said.

You can read more about this story in the Chicago Tribune.

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