Question: I invested $1,000 with a company called MTE in 2006. At a church meeting, MTE claimed to invest in securities and promised a monthly return of 25%. Before I got any payment, the state froze MTE’s funds, saying it was a fraud. Will I get my money back? - Steven Collins, South Holland, Ill.
Answer: Oh, dear! You let yourself get snared in a classic pyramid scheme, where scam artists recruit investors with promises of humongous returns, pay the early investors using money from the later ones - and spend the rest on themselves. Usually, by the time you realize you’re involved with no-goodniks, they’ve skipped town.
But thanks to the Illinois attorney general, you may get something back. According to prosecutors, Roy Fluker Jr., the founder of MTE (short for More Than Enough Wealth Creation Institute), and his cohorts hosted recruitment meetings at African-American churches on the South Side of [...]
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