Thousands victimized in Ponzi scam in Philippines

The Philippine Justice Department is preparing criminal charges against a company and its officers for allegedly amassing an estimated 12 billion pesos ($290 million) in a Ponzi scheme that victimized thousands of people.

The Philippine Justice Department is preparing criminal charges against a company and its officers for allegedly amassing an estimated 12 billion pesos ($290 million) in a Ponzi scheme that victimized thousands of people.

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Joey Moran, an agent for the National Bureau of Investigation office in southern Pagadian City, said on Friday that at least 8,000 people have filed complaints against Aman Futures Group Philippines Inc. Most of them are from southern Zamboanga del Sur province.

He says the company started operations in February offering high returns on their investments.

President Benigno Aquino III has said he will seek the help of the government of Malaysia, where the head of the company has allegedly fled.