PIPS scam scorned by watchdog

The Australian Securities and Investments Commission said a wealth creation scheme known as People in Profit System, or PIPS, was a contender for its 2005 ‘Pie in the Sky' awards. The investment scheme, or scam, is promoted online and in meetings arranged by local agents. The scheme's website claims members can design their own individual wealth creation plan. ASIC said recent evidence indicated the offshore scheme has recently become active in Australia.