Eight per cent per week is pie in the sky

Ninety investors contributed $3.7 million to Craig McKim’s Pegasus Leveraged Options Group on promises of returns of eight per cent per week. The scam has earnt McKim jail time and ASIC’s Pie in the Sky for 2005’s most outrageous financial scheme. McKim used a fake certificate from the “International Investments and Securities Commission” to dupe investors. ASIC is warning that even financially experienced investors can be fooled by fraudsters who use sophisticated props and hard sell techniques to lure potential victims.