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WORLD BRIEFING / COLOMBIA

Finance official quits over scams

November 15, 2008|Times Wire Reports

Colombia's financial superintendent, Cesar Prado, resigned as the government scrambled to help thousands of people who lost hundreds of millions of dollars in pyramid schemes that have sparked riots and looting.

At least one person has been killed in violence triggered by the collapse of illegal companies like DRFE (for "Quick, Easy, Effective Cash") that lured investors with promises of returns of up to 150%.

One man reportedly killed himself when he lost his money after selling his home to invest in a scheme that promised to double his investment.

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