I was browsing
StockLemon.com when I came across a story about
an odd Spanish company and Tom Noe. There is a Toledo Blade story about
the connection and the investigation.
StockLemon.com describes Escala's business thusly:
Ok, so here we go. You send me $10,000 for an investment in a stamp fund, yes a rare stamp fund, like the ones you used to collect when you were a kid. In return I will send you a photocopy of the stamps that you own ( as the real stamps are kept in a vault) and a postdated check for up to 10% interest on the money you will make in my guaranteed stamp fund.....yes guaranteed.
Sound like a scan? Sounds like one to me. The Blade has another story but looking at Google doesn't seem to show any more recent news on the subject. Anyone heard about this already and have any pointers? It sure sounds like a $6 billion pyramid scheme.
Apparently some other people think it's a confidence game too