2 Jul 2002

Victims of Cayman Islands Investment Program scam told to file claims to recover their money

10:52 am on 2 July 2002

The victims of a scam, officially called the Cayman Islands Investment Program, have been told by US Federal investigators that they can begin filing claims to recover lost money.

Five thousand investors from American Samoa, Hawaii and the US mainland lost millions in the scam.

An assistant US Attorney Larry Buttrick says there will be more victims than money collected and its doubtful they will get all their money back.

He says the Federal Government has so far seized over three million dollars, but says that is a far cry from what was lost in the investment scheme.

An FBI investigation in 2000 found that 460 thousand dollars had been invested by American Samoans, but there are claims that they have lost around one million dollars.

Several Samoans in Hawaii and some large Samoan church groups lost money after being urged on by female recruiters for the program.

And in the Territory itself those who invested include some politicians and business people.