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Stamp scammers busted in Spain

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Published: May 10, 2006 at 11:06 AM

MADRID, May 10 (UPI) -- Nine people have been arrested in Spain for allegedly defrauding investors by selling fake postage stamps.

Authorities have frozen all activities of two firms dealing in postage stamps, El Mundo reported Wednesday.

The suspects, employees at Forum Filatelico and Afinsa Bienes Tangibles, are accused of defrauding some 250,000 investors. They allegedly convinced investors to purchase fake overvalued stamps.

Officials at the postage stamp firms did not say how much the suspects are accused of stealing from investors.

© 2006 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.

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