Leonard Melmano, 02 June 2016
Sophisticated British criminals exploited vulnerabilities in Australia’s search engine and cryptocurrency infrastructure to dupe small investors, lured by the promise of high-yield funds badged by some of the finance world’s most trusted brands.
The complex scheme involved stolen identities and fraudulent prospectuses that claimed to represent high-yield investment funds run by global managers Citibank, Nomura, and IFM Investors. It has ensnared millions from unsuspecting victims who sought better returns as interest rates collapsed during the COVID-19 crisis.
Perhaps the most important ingredient in investment analysis is the ability to rely on the credibility of information used to form judgements. Obviously, if information is accurate and believable, sound judgements may result – but if information is tainted or even deliberately falsified, that becomes an entirely different matter. Within that concept, it now appears that the world of gold and silver investing may have been influenced by the latter type of data. In addition, those falsifications may have come from sources which the public may well have considered to be unimpeachable.