Asia-Pacific News

Jun 6, 2009, 2:42 GMT

Hong Kong teen bankrupt after joining suspected pyramid scam

Hong Kong - A Hong Kong teenager has filed for bankruptcy after running up loans amounting to 14,000 US dollars in a suspected pyramid scheme scam, a news report said Saturday. The 19-year-old borrowed the money from three credit companies in November after signing a contract with a company to distribute red wine, perfume and cosmetics. The money was intended to buy stock from the company but the girl, whose name was given as Hui, handed the money over to three fellow distributors, who have since disappeared. She did not receive any products. Hui sought help from Hong Kong legislator Wong Kwok-hing who accompanied her to the police to make a report, said the report in the South China Morning Post. 'I don't know what I should do. I am bankrupt at the age of 19,' Hui was quoted as saying.

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