Bloomberg News

Dutch Arrest Four Men Suspected of $200 Million Ponzi Scheme

September 28, 2011

Sept. 28 (Bloomberg) -- Dutch authorities arrested four men suspected of selling more than $200 million in investments in U.S. life insurance policies in an alleged Ponzi scheme.

Quality Investments BV is suspected of having sold investment products to hundreds of investors, mainly in the Netherlands and Belgium, the Dutch Fiscal Information and Investigation Service said in a statement today.

Provident Capital Indemnity Ltd., the Costa Rica-based firm accused by U.S. prosecutors and the Securities and Exchange Commission in January of conducting life settlement bonding fraud, would provide the securities, the Dutch authorities said.

No one at Quality Investments was available to comment on the allegations, according to a telephone operator at its Amsterdam offices, who declined to be identified.

--Editor: Christopher Scinta

To contact the reporter on this story: Jurjen van de Pol in Amsterdam at jvandepol@bloomberg.net.

To contact the editor responsible for this story: James Ludden at jludden@bloomberg.net.


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