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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