David L’Hoir, who ran the organisation PayDay Today was arrested by the FBI in Fort Lauderdale, Florida on suspicion of mail fraud, wire fraud and money laundering. There is also probable cause to believe he is operating a Ponzi scheme. L’Hoir’s San Diego Company made high-interest loans to low income people and promising investors 3 or 4% a month. He told investors they would be factoring accounts receivable and initially promised to pay investors 5% a month. When investors wanted their money back, he balked.
Source: The San Diego Union-Tribune
