Complaint Review: Cashier Incorporated

A year ago I've got a call from telemarketer about great payday Advances Company. According to the telemarketer president of the company (Tom Graves) was promissing to pay 3% a month (36% a year) in a period of 2 years on investments. Company collected 26500000$. And they did pay for the 1st year according to a contract. Sending nice looking Excel spreadsheet reports with display on how good buisness is going.

As result a lot of investors were reinvesting there money into company. 1 year later company filed bankruptcy with loss off 97% of initial investment. And if it's not ripoff then what it is?

Michael
Quincy, Massachusetts
U.S.A.