Caught up in PIPS scheme

The Sunday Business Post spoke to ‘Sean’, who lost €2,000 after investing in PIPS.

Sean, who is in his mid-20s, bought into the scheme in January after borrowing money from a local financial institution. To make an ‘investment', Sean made a bank draft payable to a local who had originally introduced the scheme to Kells.

Sean was told that the local, who apparently already had an account with PIPS, would wire Sean's money ...