Pyramid scheme architect promises “Turkish Bitcoin”

A man whose company promised investors in illegal, unregistered shares quick profits providing they could convince others to buy into the scheme is now working on Turkey’s answer to Bitcoin, financial news site Ekonomi Haber said.

Ömer Doğan, the public face of now-defunct company Nilfa, which was reported to have amassed more than $10 million, was now working for a company called Hipper, the news site said.

Hipper, Ekonomi Haber said, was promising approximately 200 percent annual profit on any money invested and advertising that its forthcoming “Turcoin” will be a rival to Bitcoin.

However, Hipper is not yet listed by Turkey’s banking regulator as having a license to deal in electronic money or payments, it said.