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Dominican Internet 'Stock Exchange' Casino Controversy

Tax-news.com

08 November 1999


Controversy has erupted over a Caribbean-based internet 'stock exchange' casino which claims that it is a 'game without losers' which turns over $35 million a week. Stock Generation.com offers a virtual online stock exchange where imaginary stocks can be traded and is based in the former British colony of Dominica.

Despite success stories from participants since its inception in January 1998, local and US regulators have become concerned following recent complaints. Although Stock Generation.com is a licensed casino under Dominican law, the consensus opinion of regulators seems to be that the site is a pyramid scheme, which will eventually collapse.

The Minister of Finance in Dominica, Julius Timothy, has recently begun an investigation into the company amidst concerns that its collapse could damage the island's reputation as it attempts to establish itself as an offshore banking center.

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