BOSTON (CBS) – The Portuguese and Spanish-speaking communities in Massachusetts were apparently the target of yet another pyramid scheme, which is now in the sights of state and federal officials.
The Secretary of State’s office has filed fraud charges against three people who ran Wings Network, offering get-rich-quick internet products.
Secretary Bill Galvin calls it a scam.
“They’re offering a product, supposedly a high-tech product, when in point of fact it’s really nothing more than a scheme to lure investors in,” according to Galvin.
“They appear to have only begun operating here in Massachusetts in late December. By their admission, they’ve already collected over $12 million from over 8,000 Massachusetts investors.”
Galvin says Wings Network quickly attracted investors from the minority community.
“We’re just very concerned that these immigrant groups, many of whom are hardworking, are going to be scammed by this,” he says.
“We’re alleging that a significant amount of the funds were sent to Portugal and the United Arab Emirates.”