by Bill Tatsuda
March 27, 2005
This morning on KRBD I heard an
NPR report about a man named PONZI, for whom the PONZI scams
are named. It seems that there are many of these type scams
going on everywhere. Basically it is like taking money from
Peter to pay Paul. The money is never invested, but instead
used to pay back earlier investers. In the end the whole scheme
collapses, and remaining investors end up losing everything.
I remember warnings about this type of scheme in my first accounting
class in college. That was back in the days before the college
had personal computers or even electronic calculators.
Dave Hanger is correct in warning
people about such scams. An investment that claims to earn 2%
per day is too good to be true. You might as well send your
money to Nigeria in hopes of collecting the $25,000,000 that
they need someone to help spend.
Ketchikan, AK - USA
Ponzi Scam of Interest to FBI by David G. Hanger - Ketchikan,
AK - USA
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