People were duped into sending a partial or full payment to a third-party agent via a wire transfer payment service and to fax their payment receipt to the seller as proof of payment.

FORBES: Where Americans Lost Money Online

Yucho wants to act as a sales agent for third-party products when portable pensions are introduced later this year.

ECONOMIST: Japanese finance

O'Mara said the money has been put into a trust he controls, and his team announced Tuesday that a former IRS agent has been hired as a third-party administrator to handle the funds.

CNN: STORY HIGHLIGHTS