World · East Asia & Pacific · 2 hrs ago
Noah Musingku, who ran U-Vistract Ponzi scheme, dies in Bougainville
Noah Musingku has died in Tonu, in the south of Bougainville, Papua New Guinea.
His U-Vistract scheme took millions from investors in Papua New Guinea, Solomon Islands, Fiji, Australia and elsewhere from the late 1990s.
He promised 100 per cent interest each month, and early investors received returns, drawing thousands more people into the scheme.
After authorities moved to shut it down, Musingku fled to Tonu, declared himself King Peii II and formed an armed militia.
A notice after his death promised investors repayment, but a constitutional lawyer said the money had been spent and there was no large fund to pay out.
Investors are unlikely to recover their money, and the scheme’s end leaves questions about what its followers in Tonu will do and what will happen to the militia’s guns.
Noah Musingku, who ran the U-Vistract Ponzi scheme, has died in Tonu in south Bougainville, Papua New Guinea.
The scheme promised investors 100 per cent interest per month and took millions of dollars from people in several countries.
Musingku later fled authorities to Tonu, declared himself King Peii II of Papaala and formed an armed militia.
A death notice said investors would be paid, but a constitutional lawyer said people hoping for a payout would be disappointed.
- Who
- Noah Musingku, who ran the U-Vistract Ponzi scheme.
- What
- He died after an illness, according to a death notice.
- When
- Last week, according to the death notice.
- Where
- Tonu, in south Bougainville, Papua New Guinea.
- Why
- The death notice said he died from an illness he had fought for more than three weeks.
U-Vistract death notice
Anthony Regan
Investors' money
U-Vistract death notice
The notice said all clients would be paid for their investments.
Anthony Regan
Regan said investors hoping for a payout would be disappointed because the money had been spent.
Musingku started U-Vistract in Port Moresby, promising investors 100 per cent interest per month.
Musingku shifted to Solomon Islands before returning to Tonu and declaring himself King Peii II of Papaala.
Musingku died, according to a death notice.
Musingku was buried after his body had been kept for three days, Timothy Masiu said.
- Scheme
- U-Vistract
- Promised returns
- 100 per cent interest per month
- Started
- Late 1990s, in Port Moresby
- Declared title
- King Peii II of Papaala
- Burial location
- Tonu, south Bougainville
What people are saying
It's confirmed
The money's all been eaten up and he never had large amounts of money
There goes my money