For the next story, in case you’re not familiar with the following terms, here’s a quick cheat sheet:
“Forex” is short for foreign exchange.
“Mooches” are victims of investment scams.
Nowadays, a boiler-room scam doesn’t require a bunch of guys in a basement dialing for dollars. All it takes is a professional-looking website, heartfelt testimonials and some good search engine optimization. And instead of a hit list of mooches, all these new fraudsters have to do is wait for people to search for a simple keyword like “investment” and land on their site.
The Internet has allowed criminals to create elaborate fraudulent worlds in the cloud, making their victims 21st-century mooches.
- Watch a video on Bloomberg.com that was used to help trick investors into giving money to a fake company.