in by get rich quick schemes.

The warning comes after a US law firm contacted The Royal Gazette on behalf of Global Prosperity Group, a North Dakota investment company.

In a letter to this newspaper, lawyer Louis Font claimed that information about the company might be made public by the BMA and any such information could be false and defamatory.

The firm, which claims to offer "a comprehensive three part financial education programme dealing with all aspects of global economics'', is now taking legal action against the North Dakota Securities Commissioner and a North Dakota newspaper.

Last night the company's links with Bermuda were still not clear, although it is understood that it does have representatives working on the Island.

Malcolm Williams, general manager of the Bermuda Monetary Authority, refused to confirm that his organisation was investigating complaints against the company.

But he did issue a warning that speculators should be cautious when considering investing in certain companies.

"Representations have been made to this authority about investment schemes which apparently promise returns of up to 50 percent in a matter of weeks,'' he said.

"The public should be cautious when considering such schemes. High returns normally mean high risk and if it looks too good to be true then perhaps the public ought to attach a certain amount of scepticism when deciding whether or not to invest.

"One should be cautious about any apparent quick rich scheme. Matters of this nature deserve a certain investigation. The public needs to be protected and when one gets representations of this nature it would be irresponsible not to follow them through.

"We will be looking into these matters to determine whether or not it's in the public interest.

BUSINESS BUC