High Yield Investment Programs (HYIPs) refer to a number of different investment options that are often aggressively promoted to investors, promising high, improbable and unsustainable rates of return—upwards of 50- to 100 percent per day.
Unfortunately, as the folk adage goes, "if it sounds too good to be true, it probably is."
According to the Financial Industry Regulatory Authority (FINRA), virtually every single HYIP in existence contains some element of fraud. Accordingly, the FBI reported a 105 percent increase in fraud investigations of HYIPs between 2008 and 2009.
HYIPs come in many forms, from deceptive "get rich quick" or "make millions from home" internet advertisements on Google or YouTube to promises of delivering incredibly high returns for a hasty investment. Some HYIP websites can be so sneaky, they will post false testimonials in an effort to gain an investor's trust and corresponding financial contribution.
If you believe you have been victimized by a broker into investing with a fraudulent HYIP, please call The Law Offices of Jonathan W. Evans & Associates for an investigation and consultation.
News: HYIPs—High Yield Investment Programs Are Hazardous to Your Investment Portfolio (FINRA)