News Item:
Scam grabs couple’s cash

There should be a certain kind of slime that fills a deep dark hole for those who commit fraud under the guise of helping our troops.  One such individual is named Glyn Richards, who set up a dummy corporation called All-Freight Logistics, based in Audubon, NJ.

The purpose of All-Freight, according to reports, was to ship materials to US forces in Iraq.  The sales pitch to investors was that they would be helping to supply our troops with much needed goods, and make quick profit in return.  All-Freight, it turns out, was a classic Ponzi Scheme, along the lines of a cash pyramid.  There were no shipments, no supplies, nothing sent to our GI’s, but investors were paid early on.  Not from government contracts to All-Freight Logistics, but with money from other investors.

As with any pyramid scam, it was bound to collapse, but Richards kept it running longer than most, and made a bundle at it too.  Since 2005, authorities estimate, $20 million dollars managed to change hands.

There’s an in-depth report in the Courier Post, but even better than what was in the newspaper, is a website one victim set up for revenge.  Both are a good read, all the way through, and both are linked below.

News Source: Courier Post

Web Based Revenge: Glyn Richards Scam

Cartoon from Sid in the City

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