For those familiar with the playbook of Ponzi scams, Foster Funds is very compliant with all the checklist.
There are no information on who owns and runs the site. Foste Funds site was privately registered and there is no way its investors and the general public will get to know anything except for their expectations of reaping huge returns from the system.
The domain ‘fosterfunds.com’ was registered on the 12th of February, 2017.
With no product and or services it sells to its investors, the scheme simply promise its investors 150% of any amount they stake into the ‘phantom casino’.
There are no capital investments and or commercial activities it engage itself in as a supposed organisation to guarantee such returns on investments.
To make investors see Foster Funds as a stressless investment vehicle, they are not required to refer other people into the system.
There are visible signs that the scam is already dealing a heavy blow to its investors. A review of chatters on Ponzi scam chat rooms is replete with series of complains from people who have involved themselves in the scheme.
There over 20 new Ponzi scams created weekly in Nigeria. Foster Funds is one in many schemes targeting both the greedy and the unsuspecting investors.
The Nigerian Securities and Exchange Commission has since warned Nigerians to stay away from them. Last week, the SEC announced a clampdown on some Ponzi schemes. However, scams like Foster Funds, hide their identities, getting them is a tough work which the SEC might not be structured to carry out.