Tuesday, November 28, 2006

Ant Breeding Project Nets $379 Million

This story sounds rather familiar:

"BEIJING (Reuters) - A company in northeast China raised $379 million from gullible members of the public by promising big profits from a project to breed ants, Xinhua news agency said Friday.

The Donghua Ecological Breeding Company, in Liaoning province, offered returns of 35 to 60 percent on investment in the bogus project, Xinhua said. The state agency cited the Public Security Ministry which had detailed the case as an example of how fraudsters were becoming more imaginative.

The report did not explain why the public would want to invest in ants but, in the southern region of Guangxi, black ants are sold by the bagful to be steeped in tea or soaked in liquor as a natural remedy for ailments such as arthritis." (via Yahoo)

So maybe the word "ants" needs to be replaced with " slots" but people involved are the same - the world is full of suckers.

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