Thousands of investors protest over collapsed stamp pyramid scheme

HUNDREDS of thousands of small investors who fell victim to a pyramid-type stamp scam in Spain took part in a protest yesterday to try to recover lost savings potentially amounting to billions of euro.

The demonstrators had been tempted to place their money in schemes promising 6-10% returns and further guarantees that the stamps they bought would not depreciate.

Consumer groups advised investors affected to contact them and draw up a battle plan a day after police arrested nine directors of two stamp collecting groups — Afinsa and Forum Filatelico.