We’ve been noting many areas of fraud that have experienced an uptick since the COVID-19 pandemic started, and investment-related fraud has been high on the list. Social media has been a breeding ground for several investment promotions – with the most recent being “blessing loom” investment programs.
Blessing loom programs have recently appeared under a variety of names, including “Sou Sou,” “The Circle Game,” “Money Board” and “Infinity Loom.” Last month, the Federal Trade Commission (FTC) and the state of Arkansas sued the operators of another blessing loom program called Blessings in No Time (BINT), alleging that the investment program they offered is actually an illegal pyramid scheme. The complaint charges that the operators of BINT caused the loss of millions of dollars from thousands of customers.
BINT promised people who joined the program that they would realize investment returns as high as 800%. The minimum investment was $1,400 and some victims paid in as much as $62,700. Invitations to join often came through Instagram, Facebook and messaging apps.
BINT has an F rating with the BBB in Dallas, Texas. These are excerpts from complaints BBB received from all over the U.S.:
“I invested $1,425 to receive a return of $11,200. I never received anything.”