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Aussie ponzi scheme eats $100 million 19 December 2008
Queensland doctor Roger Munro is believed to have fled Australia as his investment scheme, Starport Futures, has unravelled leaving Australian and US based investors out of pocket to the tune of about $100 million in total. Munro is believed to have operated a "ponzi" scheme whereby early investors are paid interest from the funds of later investors. The schemes usually unravel when new investors can no longer be lured into the scheme. Munro is due to appear in the Brisbane Supreme Court on January 22. Liquidator Peter Geroff of Ferrier Hodgson said his initial investigation showed a lack of proper records and money flowing freely from the company to Munro's personal account.
