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Resource ID: #21910
Subject: Fraud
Source: CNBC (Fort Lee, N.J.)
Date: 7 Oct, 2004



Almost 250,000 Americans belong to investment clubs. These clubs are members of the National Association of Investment Clubs. The NAIC helps these investment clubs find companies to invest in. But as this CNBC investigation finds out the NAIC used the money paid to them by the investment clubs to finance personal cars and club membership for NAIC officers.

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