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BOGOTA, Colombia — Colombia declared a state of emergency Monday to crack down on illegal investment schemes that lured millions of people with promises of improbably high payouts, only to collapse amid rioting.
Government officials vowed to repay the poorest investors and sent police to shut down other alleged pyramid scheme operations Monday, even though some loyal clients marched through the streets to defend companies that had offered interest rates as high as 150 percent a month.
Emergency measures include boosting prison terms for those who illegally collected money to 20 years from six, and giving mayors and governors police powers to shut down such businesses. The emergency authority lasts 30 days and could be extended for 30 more.
