"Easy money, fast and effective." That was the name of one of the businesses in which millions of Colombians deposited their life savings after being promised short-term returns of as much as 150 percent, CNN reported.
But government officials say the businesses were pyramid schemes that raked in at least $200 million from 3 million people.
Sergio Munoz is among those who lost their savings.
"That was for my children," he said. "Now, it comes to light that they have robbed us. It was with complicity of the authorities who permit this - knowing that it is illegal for it to be permitted."
The government says the businesses defrauded the public by offering what they said was a sure investment when, in fact, it was anything but.