I wish this were a myth, but there will always be misguided people who prey on the hopes and fears of the gullible, not realizing that with the same or less effort they could make an honest living! On the State level here are the most pernicious frauds being perpetrated here in Oregon:
The list includes, unfortunately, 95 investment related complaints. Which is fewer complaints than cable TV companies received. Which I suppose is a good sign.
The most common of these frauds are Pyramid Schemes, which peter out when there are finally too many existing participants to support by ripping off new participants:
*Courtesy of the Oregon Dept. of Justice.
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