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Ponzi Schemes
Ponzi schemes have been around for many
years as like pyramid schemes. This is an easy one to decide whether it
is legitimate or not. Just look it up in the dictionary! There also are
ponzi scheme for dummies type literature out there.
Here's a definition I found via an on-line
dictionary:
Charles A. Ponzi died 1949 American (Italian-born)
swindler: an investment swindle in which some early investors are paid
off with money put up by later ones in order to encourage more and
bigger risks.
Ponzi schemes are still alive in 2011, and 2010,
and pretty much every year since...someone always trying to find an
easy way to get other people's money.
The Ponzi scheme works like this: The early
investors who get involved make the money. The "investors" that get
involved afer these first folks get involved end up funding the first
people involved. The latter investors are enticed to get involved often
by claims and boasts from the initial investors that they made a ton of
cash. For example you may hear that someone put in $1000 and made a
high percentage on that money in short time. It doesn't take long for
people to invest when they hear such realistic claims.
A local radio station in my area had a morning
call in discussion on Ponzi schemes recently. It was interesting how
many people called in and dropped fairly large amounts of cash into one
of these schemes. The outcome was some made money, and those at the end
of the line, made nothing. By then the original schemer, left town, and
that particular scheme crashed.
We are sure you heard of the Madoff scheme that
took a lot of people's money and was viewed
a ponzi scheme.
If you hear claims of large returns on an
investment in short time with no real product being sold, no business
name, and no one willing to explain the source of the supposed high
returns, go as fast as you can in the other direction as it could be a
current or recent ponzi scheme!
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