http://www.denverpost.com/news/ci_18109905
Most of those financial advice shows on the weekend are brokered programs – time periods on the air sold by radio stations.
Some people assume that the radio stations have thoroughly checked out the people they allow on the air and/or the radio station has some responsibility if the thing turns out to be a scam or a ponzi scheme. That’s a foolish assumption.
The only thing in the story I would quibble with is the use of the term “payola”. Payola was specifically music companies giving money to DJs and people at the station in order to play and promote the records – and not telling the listeners.
It is not illegal to pay a radio station to sell time or to promote a product – as long as the station clearly identifies it is being paid.
The article says in a couple places that some of the scams were targeted at Christians, believing that another Christian would not cheat them. If a host of a program wanting to invest your life savings for you starts reading scripture verses, don’t drop your skeptical defenses.