Ponzi Scam – I need to understand the concept of a Ponzi scam and how it operates, so that I can protect myself from falling victim to such schemes.
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Answered: July 14, 2023
A Ponzi scam is an investment fraud where organizers use money from new investors to pay off earlier ones. They promise high returns but actually use the funds to sustain the illusion. The scheme collapses when there aren't enough new investors to cover payouts.
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Answered: July 14, 2023
One example is a Californian man who ran an $8.75 million Ponzi scheme and was sentenced to over six years in prison. Another case involved Zadeh Kicks, allegedly a $85 million Ponzi scheme. The Securities and Exchange Commissions also charged Robert D. Christensen and Anthony M. Matic for their involvement in Ponzi scams.
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