AP News

News Summary: Polish gold-based scam unravels


GOLDEN PYRAMID: The Amber Gold affair has ensnared countless investors in the one of the biggest financial scandals to hit Poland since the fall of communism in 1989.

MURKY DETAILS: Launched in 2009, Amber Gold opened branches nationwide and advertised double-digit returns but appears to have used funds from new clients to pay off older clients rather than investing them.

WARNING SIGNS: The affair has raised questions about the effectiveness of Poland's justice system and government because authorities failed to act against the scheme despite red flags from regulators and the criminal record of its young owner.


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