Aman scam was like gambling, says mayor

Posted at Nov 21 2012 06:31 PM | Updated as of Nov 22 2012 02:31 AM

MANILA, Philippines - Pagadian Mayor Samuel Co on Wednesday said the Aman Futures Group pyramiding scam was like gambling where early investors earned a windfall and late-joiners were left holding the bag.

Speaking to radio dzMM, Co said he repeatedly warned his constituents through his radio program that the "double your money" scheme could fold up.

He said he urged Pagadian residents to pull out their initial capital after a month and just keep the interest in Aman.

Co said he was powerless to shut down Aman Futures since many of his constituents earned so much from the group. He said he also invested money in the group but lost it.

Radio DZMM, November 21, 2012