Anorak | Ant Farming Scheme Cons Chinese

Ant Farming Scheme Cons Chinese

by | 12th, January 2008

THE LA Times says that up to a million people in China have been undone in an ant farming pyramid scheme run by a company with close ties to the Chinese government.

These ants were far more than uninvited picnic guests, [investors] were told. When ground into a powder, they become an aphrodisiac, a kidney purifier and general cure-all, the Yilishen Tianxi Group declared. The ants would earn them a 30% annual return.In reality, critics say, the ants apparently were little more than the bait for a vast pyramid scheme. Over an eight-year period, the company recruited as many as 1 million would-be ant farmers, collecting about $1.2 billion. In mid-December, it filed for bankruptcy…

The company hired as its spokesman Zhao Benshan, a famous comedian and actor who specializes in playing

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Posted: 12th, January 2008 | In: Strange But True Comment (1) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink