‘Ponzi scheme’ shakes Benin, puts president on defensive focus 08/29/2010

‘Ponzi scheme’ shakes Benin, puts president on defensive

focus

08/29/2010
COTONOU — An alleged Ponzi scheme has shaken the tiny nation of Benin, leaving scores of people in financial ruin and prompting calls for the president to be tried on accusations he helped the firm involved.

Months after allegations emerged that the firm, ICC Services, was defrauding people of their life savings through a scheme reminiscent of the Madoff scandal in the United States, victims have focused their anger on the government.

They say government officials endorsed the company and signaled that its promises of lavish returns were legitimate by giving it special attention, including appearing with ICC management on television.

“We believed it, and how could we not when the political authorities themselves, the moral guardians, gave their approval by appearing with those investment firm managers,” said Janvier Houndekon, a 32-year-old taxi driver.... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/commentary/20100829com6.html