On November 23 officers from the Berkut task force and the Security Service of Ukraine detained a 45-year-old US national Robert Fletcher, who founded a limited liability company Global Training System, suspected of misappropriating UAH 3.046 million (about $600 000 ) by false pretences in Kyiv, Interior Affairs Ministry press service has informed Ukrainian News.
Fletcher established the company Global Training System in October 2006.
The company was mainly engaged in arranging seminars for Ukrainian citizens at which Fletcher gave listeners admittedly untrue information that he allegedly had a possibility to profitably invest money in various investment projects in Ukraine and pay out big interest from these projects revenues.
It was disclosed that from 2007 to November 2008 Fletcher deceived citizens and took moneys from them as though for profitable investing.
He registered these bargains by signing contracts on providing loans in exchange for a promise to pay 20%-300% of annual interest.
Officers are searching for persons suffered from activity of this company.
They are looking for the proceeds from the fraud.
Apart from Fletcher they seized five more persons involved in operation of this enterprise.
On November 22, the Holosiivo district investigation department of the Main Interior Affairs Ministry Kyiv Directorate opened instigated criminal proceedings against Fletcher upon the Penal Code’s Article 190, section four (Fraud).

Source: www.ukranews.com
I am happy. I am always happy when police arrests guy who cheats poor people promising   to pay 20%-300% of annual interest and pays nothing.

It looks like Americans and Europeans stop to trust him, what   can be other reason to go to poor country to offer 300% of interest?

This summer  I had lived  in Ukraine for two month and heard stories about  one  American  who promises  millions . He is smart, he didn’t go to Russia because Russians have more experience in dealing with  guys like him.  Also this is very dangerous for US citizen to scam Russians, Russian authorities would be happy to make example  “How Americans  try to rob personally  simple people after destroying world economy” . But there is a different situation in Ukraine. I am sure he won’t be punished, because of two reasons. Firstly, Ukraine wants to join NATO and there  government will not conflict  with US. Other reason is corruption, He will give a bribe to someone, for example, an investigator or a judge and will be released.

By the way , I found on the Information that Fletcher  used  Pyramid scheme

From dictionary :
Pyramid scheme - An illegal, fraudulent scheme in which a con artist convinces victims to invest by promising an extraordinary return but instead simply uses newly invested funds to pay off any investors who insist on terminating their investment.

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