116:, this type of scheme misleads investors by either falsely suggesting that profits are derived from legitimate business activities (whereas the business activities are non-existent), or by exaggerating the extent and profitability of the legitimate business activities, leveraging new investments to fabricate or supplement these profits. A Ponzi scheme can maintain the illusion of a sustainable business as long as investors continue to contribute new funds, and as long as most of the investors do not demand full repayment or lose faith in the non-existent assets they are purported to own.
613:
scheme, and even charities to which perpetrators often give to relatively generously while a scheme is in operation in an effort to enhance their own profile and thereby "profit" from the resulting positive media coverage. This typically does not happen in the case of an economic bubble, especially if nobody can prove the bubble was caused by anyone acting in bad faith, moreover a person whose own participation in an economic bubble is not particularly notable is not likely to enhance participation in the bubble and thus personally profit by donating to charity.
40:
2012:
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exaggerated. The con artist pays the high returns promised to their earlier investors by using the money obtained from later investors. Instead of engaging in a legitimate business activity, the con artist attempts to attract new investors to make the payments that were promised to earlier investors. The operator of the scheme also diverts clients' funds for the operator's personal use.
386:
numbers, for example by making a successful high-risk investment. Moreover, if the operators of such a scheme are facing the likelihood of imminent collapse accompanied by criminal charges, they may see little additional "risk" to themselves in attempting to cover their tracks by engaging in further illegal acts to try and make good the shortfall (for example, by engaging in
350:". Initially, the operator pays high returns to attract investors and entice current investors to invest more money. When other investors begin to participate, a cascade effect begins. The schemer pays a "return" to initial investors from the investments of new participants, rather than from genuine profits.
464:
A pyramid scheme typically collapses much faster because it requires exponential increases in participants to sustain it. By contrast, Ponzi schemes can survive (at least in the short-term) simply by persuading most existing participants to reinvest their money, with a relatively small number of new
635:. The main difference is that an exit scam does not involve any sort of investment vehicle with the accompanying promised returns. Instead, exit scammers either accept payment for product which they never ship (usually after gaining a reputation for reliably shipping product) or steal funds held in
612:
In some jurisdictions, following the collapse of a Ponzi scheme, even the "innocent" beneficiaries are liable to repay any gains for distribution to the victims. In this context, "innocent" beneficiaries can include anyone who unwittingly profited without being aware of the fraudulent nature of the
365:
that can easily degenerate into a Ponzi-type scheme if they unexpectedly lose money or fail to legitimately earn the returns expected. The operators fabricate false returns or produce fraudulent audit reports instead of admitting their failure to meet expectations, from which point on the operation
594:
to secure a conviction) and, even when charges are pursued, they are often against corporations, which can be easier to pursue in court compared to charges against people but also can only result in fines as opposed to jail time. The more commonly-pursued legal recourse in situations where someone
187:
With little or no legitimate earnings, Ponzi schemes require a constant flow of new money to survive. When it becomes hard to recruit new investors, or when large numbers of existing investors cash out, these schemes collapse. As a result, most investors end up losing much or all of the money they
385:
Theoretically, it is possible for certain Ponzi schemes to ultimately "succeed" financially, at least so long as a Ponzi scheme was not what the promoters were initially intending to operate. For example, a failing hedge fund reporting fraudulent returns could conceivably "make good" its reported
166:
for postage stamps, but he soon began diverting new investors' money to make payments to earlier investors and to himself. Unlike earlier similar schemes, Ponzi's gained considerable press coverage both within the United States and internationally both while it was being perpetrated and after it
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Please also recognize that these markets span national borders and that significant trading may occur on systems and platforms outside the United States. Your invested funds may quickly travel overseas without your knowledge. As a result, risks can be amplified, including the risk that market
616:
Items traded in an economic bubble are much more likely to have an intrinsic value that is worth a substantial proportion of the market price. Therefore, following collapse of an economic bubble (especially one in a commodity such as real estate) the items affected will often retain some value,
494:
The novelty of ICOs means that there is currently a lack of regulatory clarity on the classification of these financial devices, allowing scammers wide leeway to develop Ponzi schemes using these pseudo-assets. Also, the pseudonymity of cryptocurrency transactions and their international nature
429:
In some cases, two or more of the aforementioned factors may be at play. For example, news of a police investigation into a Ponzi scheme may cause investors to immediately demand their money, and in turn cause the promoters to flee the jurisdiction sooner than planned (assuming they intended to
353:
Often, high returns encourage investors to leave their money in the scheme, so that the operator does not actually have to pay very much to investors. The operator simply sends statements showing how much they have earned, which maintains the deception that the scheme is an investment with high
357:
Operators also try to minimize withdrawals by offering new plans to investors where money cannot be withdrawn for a certain period of time in exchange for higher returns. The operator sees new cash flows as investors cannot transfer money. If a few investors do wish to withdraw their money in
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on the part of any participant. Laws are only broken if someone perpetuates the bubble by knowingly and deliberately misrepresenting facts to inflate the value of an item (as with a pump and dump scheme). Even when this occurs, wrongdoing (and especially criminal activity) is often much more
183:
that promise very high returns with little or no risk to an investor. The returns are said to originate from a business or a secret idea run by the con artist. In reality, the business does not exist or the idea does not work in the way it is described or the extent of returns is made up or
405:
Since the scheme requires a continual stream of investments to fund higher returns, if the number of new investors slows down, the scheme collapses as the operator can no longer pay the promised returns (the higher the returns, the greater the risk of the Ponzi scheme collapsing). Such
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is a form of fraud similar in some ways to a Ponzi scheme, relying as it does on a mistaken belief in a nonexistent financial reality, including the hope of an extremely high rate of return. However, several characteristics distinguish these schemes from Ponzi schemes:
433:
Actual losses are extremely difficult to calculate. The amounts that investors thought they had were never attainable in the first place. The wide gap between "money in" and "fictitious gains" make it virtually impossible to know how much was lost in any Ponzi scheme.
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commitment if they continuously obtain new sources of financing, often at an accelerating pace and/or ever-increasing interest rates until the borrower cannot secure more financing at any interest rate and becomes insolvent. The term was first coined by economist
617:
whereas an investment that is part of a Ponzi scheme will typically be worthless (or very close to worthless). On the other hand, it is much easier to obtain financing for many items that are the frequent subject of bubbles. If an investor trading on
401:
The operator vanishes, taking all the remaining investment money. Promoters who intend to abscond often attempt to do so as returns due to be paid are about to exceed new investments, as this is when the investment capital available will be at its
335:" to describe their income strategy. It is common for the operator to take advantage of a lack of investor knowledge or competence, or sometimes claim to use a proprietary, secret investment strategy to avoid giving information about the scheme.
221:. Investment values tend to go up and down over time, especially those offering potentially high returns. An investment that continues to generate regular positive returns regardless of overall market conditions is considered suspicious.
267:. Investors should be suspicious of cases where they don't receive a payment or have difficulty cashing out. Ponzi scheme promoters sometimes try to prevent participants from cashing out by offering even higher returns for staying put.
456:
In a Ponzi scheme, the schemer acts as a "hub" for the victims, interacting with all of them directly. In a pyramid scheme, those who recruit additional participants benefit directly. Failure to recruit typically means no investment
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or borrowing to finance investments becomes the victim of a bubble, he or she can still lose all (or a very substantial portion) of his or her investment capital, or even be liable for losses in excess of the original capital
460:
A Ponzi scheme claims to rely on some esoteric investment approach, and often attracts well-to-do investors, whereas pyramid schemes explicitly claim that new money will be the source of payout for the initial
1983:
855:
585:
Ponzi schemes typically result in criminal charges when authorities discover them but, other than pump and dump schemes, economic bubbles do not typically involve unlawful activity, or even
249:, federal and state securities laws require that investment professionals and their firms be licensed or registered. Most Ponzi schemes involve unlicensed individuals or unregistered firms.
158:
carried out this scheme and became well known throughout the United States because of the huge amount of money that he took in. His original scheme was purportedly based on the legitimate
546:
are also similar to a Ponzi scheme in that one participant gets paid by contributions from a subsequent participant until inevitable collapse. A bubble involves ever-rising prices in an
300:
The clients are asked to write checks with a different name than the name of the corporation (such as an individual) or to send checks to a different address than the corporate address.
1675:
Fazzari, Steven M.; Papadimitriou, Dimitri B. (1992). "Hyman Minsky as
Hedgehog: The Power of the Wall Street Paradigm". In Fazzari, Steven M.; Papadimitriou, Dimitri B. (eds.).
495:
involving countless jurisdictions in many different countries can make it much more difficult to identify and take legal action (whether civil or criminal) against perpetrators.
358:
accordance with the terms allowed, their requests are usually promptly processed, which gives the illusion to all other investors that the fund is solvent and financially sound.
135:
and then stole the money that the women had invested. She was eventually discovered and served three years in prison. The Ponzi scheme was also previously described in novels;
390:). Especially with investment vehicles like hedge funds that are regulated and monitored less heavily than other investment vehicles such as mutual funds, in the absence of a
377:
to defraud tens of thousands of people. Certificates of deposit are usually low-risk and insured instruments, but the
Stanford certificates of deposit were fraudulent.
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difficult to prove in court compared to a Ponzi scheme. Therefore, the collapse of an economic bubble rarely results in criminal charges (which require proof beyond a
430:
eventually abscond in the first place), thus causing the scheme to collapse much faster than if the police investigation had simply been permitted to run its course.
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by issuing new debt: each time its existing debt arrives at maturity, it borrows funds from new and/or existing lenders in order to repay its existing debt.
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or accompanying illegal acts, any fraudulent content in reports is often difficult to detect unless and until the investment vehicles ultimately collapse.
239:). Registration is important because it provides investors with access to key information about the company's management, products, services, and finances.
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582:
scheme (typically involving buyers and holders of thinly-traded stocks), which much more closely resembles a Ponzi scheme than other types of bubbles.
1629:
215:, and investments yielding higher returns typically involve more risk. Any "guaranteed" investment opportunity should be considered suspect.
2016:
1615:
566:) where prices rise because buyers bid more, and buyers bid more because prices are rising. Bubbles are often said to be based on the
524:
successfully recovered the funds stolen in the ICO. A similar scheme was perpetrated by the founders of the fraudulent cryptocurrency
2055:
397:
Typically, however, if a Ponzi scheme is not stopped by authorities it usually falls apart for one or more of the following reasons:
2826:
417:
External market forces, such as a sharp decline in the economy, can often hasten the collapse of a Ponzi scheme (for example, the
369:
A wide variety of investment vehicles and strategies, typically legitimate, have become the basis of Ponzi schemes. For instance,
2034:
1950:
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521:
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Typically, Ponzi schemes require an initial investment and promise above-average returns. They use vague verbal guises such as "
255:. Investments that cannot be understood or on which no complete information can be found or obtained are considered suspicious.
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Some of the first recorded incidents to meet the modern definition of the Ponzi scheme were carried out from 1869 to 1872 by
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600:
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In most economic bubbles, there is no single person or group misrepresenting the intrinsic value. A common exception is a
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1347:
425:), since they often cause many investors to attempt to withdraw part or all of their funds sooner than they had intended.
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in the United States in the 1880s through the "Ladies' Deposit". Howe offered a solely female clientele an 8% monthly
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883:
422:
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returns. Investors within a Ponzi scheme may face difficulties when trying to get their money out of the investment.
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953:
922:
829:
1590:
Mukherjee, Sanmoy; Larkin, Charles; Corbet, Shaen (2022). "Cryptocurrency Ponzi schemes". In Corbet, Shaen (ed.).
1374:
Mukherjee, Sanmoy; Larkin, Charles; Corbet, Shaen (2022). "Cryptocurrency Ponzi schemes". In Corbet, Shaen (ed.).
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2767:
2692:
754:
2271:
2712:
2507:
2121:
2028:
328:
17:
681:, the term "ponzi game" designates a hypothesis where a government continuously defers the repayment of its
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2211:
764:
2261:
1556:
Girasa, Rosario (2022). "Criminal
Prosecutions and Civil Litigation Concerning Blockchain Technologies".
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236:
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2356:
709:
163:
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propped up by a complex algorithmic mechanism offering 20% yields, was described as "Ponzinomics" by
418:
477:
have been employed by scammers attempting a new generation of Ponzi schemes. For example, misuse of
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2587:
2376:
1987:
1558:
Regulation of
Cryptocurrencies and Blockchain Technologies. National and International Perspectives
859:
347:
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2607:
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2682:
2446:
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1592:
Understanding
Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies
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regulators, such as the SEC, may not be able to effectively pursue bad actors or recover funds.
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1426:
Understanding
Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies
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Understanding
Cryptocurrency Fraud. The challenges and headwinds to regulate digital currencies
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128:
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1839:
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897:
729:
695:
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271:
According to criminologist Marie
Springer, the following red flags can also be of relevance:
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228:
8:
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2477:
2451:
2416:
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A Ponzi scheme which ultimately terminates with the operator absconding is similar to an
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suspects an economic bubble is the result of nefarious activity is to sue for damages in
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563:
551:
332:
188:
invested. In some cases, the operator of the scheme may simply disappear with the money.
101:
491:. Most schemes have a low recovery rate with investors losing their funds permanently.
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The client cannot determine the actual trades or investments that have been carried out.
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2672:
2612:
2191:
2186:
1855:
1815:
1776:
1729:
1046:
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555:
308:
261:. Account statement errors may be a sign that funds are not being invested as promised.
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collapsed β this notoriety eventually led to the type of scheme being named after him.
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For schemes that promise rewards based on enrolling ever larger numbers of people, see
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2426:
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1954:
1927:
1880:
1863:
1859:
1780:
1768:
1733:
1688:
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Financial
Conditions and Macroeconomic Performance: Essays in Honor of Hyman P.Minsky
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1569:
1521:
1454:
1429:
1404:
1379:
1300:
1227:
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903:
879:
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512:. Another example of a well known ponzi scheme involving cryptoassets was the ICO of
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2502:
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2421:
2381:
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2031:
Information about spotting fraud from the US Commodities
Futures Trading Commission
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1721:
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744:
618:
591:
507:
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201:
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57:
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A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"
1451:
A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"
1401:
A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"
1297:
A Critical Appraisal of Initial Coin Offerings. Lifting the "Digital Token's Veil"
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2707:
2634:
2617:
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2286:
2146:
1725:
1634:
682:
543:
487:
387:
321:
291:
276:
227:. Ponzi schemes typically involve investments that have not been registered with
136:
120:
2037:
Free e-book about Ponzi schemes from the US Commodity Futures Trading Commission
1877:
The Ponzi Scheme Puzzle : A History and Analysis of Con Artists and Victims
1534:
535:, CEO of JPMorgan, described cryptocurrencies as "Decentralised Ponzi Schemes".
410:
often trigger panics, as more people start asking for their money, similar to a
2659:
2644:
2461:
2366:
2346:
2281:
1749:"Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games under Uncertainty"
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640:
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on behalf of third parties (the latter often involves the operators of illegal
474:
448:
370:
287:
31:
2040:
1565:
1424:
Rao, Sandeep (2022). "Mt. Gox β The fall of a giant". In Corbet, Shaen (ed.).
520:, involving claims about founding the world's first "decentralized bank". The
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2336:
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2156:
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800:
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391:
304:
246:
155:
147:
132:
124:
113:
43:
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2582:
2552:
2497:
2441:
2351:
2301:
2196:
2161:
1764:
714:
666:
275:
The sales personnel or adviser are overly pushy or aggressive (may involve
1684:
656:
The term "ponzi finance" generally designates non-sustainable patterns of
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2629:
2547:
2537:
2517:
2492:
2406:
2331:
2326:
2316:
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547:
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Ponzi schemes sometimes begin as legitimate investment vehicles, such as
212:
2022:
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926:
2624:
2577:
2522:
2512:
2487:
2361:
2296:
2221:
2181:
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1949:
1819:
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1224:
Political Sticky Wicket: The Untouchable Ponzi Scheme of Allen Stanford
1050:
525:
503:
362:
180:
176:
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2025:
Information and advice from the US Securities and Exchange Commission
1588:
For further examples of ponzi schemes involving cryptocurrencies see
678:
632:
586:
283:
159:
1811:
2592:
2562:
2391:
2256:
2241:
605:
499:
411:
109:
97:
2098:
1838:
Deason, Stephen; Rajgopal, Shivaram; Waymire, Gregory B. (2015).
1002:
657:
596:
105:
1943:
The Politics of Ponzi Schemes : History, Theory, and Policy
1896:
Manias, Panics, and Crashes : A History of Financial Crises
1656:
1537:. U.S. Securities and Exchange Commission (SEC). 30 January 2018
200:(SEC), many Ponzi schemes share characteristics that should be "
39:
2697:
2557:
2011:
636:
1179:
1177:
2093:
1907:
93:
1616:"JPMorgan chief calls crypto a 'decentralised Ponzi scheme'"
954:"Ponzi Schemes – Frequently Asked Questions"
338:
2083:
1174:
1162:
661:
75:
1996:
Ponzi's Scheme : The True Story of a Financial Legend
1710:"A note on public debt, tax-exempt bonds, and Ponzi games"
1472:"Statement on Cryptocurrencies and Initial Coin Offerings"
1128:
1126:
1124:
66:
1955:"Investor altert: Ponzi schemes Using Virtual Currencies"
960:. U.S. Securities and Exchange Commission. Archived from
643:
that facilitate the sale of illicit goods and services).
1630:"Bitcoin's place in the long history of pyramid schemes"
1097:
1063:
1061:
1059:
1747:
Blanchard, Olivier; Weil, Philippe (29 November 2001).
1150:
1121:
1274:"Ponzi's Scheme: The True Story of a Financial Legend"
1109:
307:
of their investment arrives, clients are pressured to
1902:
1898:(5th ed.). Hoboken, N.J.: John Wiley & Sons.
1837:
1589:
1373:
1056:
1014:
1008:
72:
69:
1894:
Kindleberger, Charles P.; Aliber, Robert Z. (2005).
1674:
1073:
1031:
1029:
876:
Ponzi's Scheme: The True Story of a Financial Legend
63:
1793:
1138:
925:. US Social Security Administration. Archived from
60:
1893:
1794:O'Connell, Stephen A.; Zeldes, Stephen P. (1988).
1662:
1639:
1085:
570:. As with the Ponzi scheme, the price exceeds the
1253:. SECβs Office of Investor Education and Advocacy
1026:
481:, or "ICOs", has been one such method, known as "
2851:
781:
2070:
1908:"LFP I SICAV : 4 Luxembourg Ponzi schemes"
1594:. Boston/Berlin: De Gruyter. pp. 111β117.
1474:. U.S. Securities and Exchange Commission (SEC)
1226:, CreateSpace Independent Publishing Platform,
895:
1535:"SEC Halts Alleged Initial Coin Offering Scam"
1313:
899:No One Would Listen: A True Financial Thriller
824:
822:
820:
209:High investment returns with little or no risk
2056:
1746:
1348:"It's not just a Ponzi, it's a 'smart' Ponzi"
870:
868:
603:and where the plaintiff need not demonstrate
1051:U.S. Securities and Exchange Commission 2013
660:, such as borrowers who can only meet their
1560:. Pleasantville: Palgrave. pp. 184 f.
817:
2814:Criminal enterprises, gangs and syndicates
2063:
2049:
1515:
1448:
1398:
1378:. Boston/Berlin: De Gruyter. p. 118.
1322:"The Rise of Cryptocurrency Ponzi Schemes"
1294:
865:
574:of the item, but unlike the Ponzi scheme:
211:. Every investment carries some degree of
1428:. Boston/Berlin: De Gruyter. p. 80.
1940:
1499:"Terra's Crypto Meltdown Was Inevitable"
1345:
1339:
1183:
1168:
1156:
1132:
896:Markopolos, Harry; Casey, Frank (2010),
346:The basic premise of a Ponzi scheme is "
337:
108:from more recent investors. Named after
38:
1993:
1951:U.S. Securities and Exchange Commission
1874:
1466:
1453:. Leiden/Boston: Brill. pp. 43 f.
1403:. Leiden/Boston: Brill. pp. 43 f.
1271:
1103:
1067:
1020:
948:
946:
944:
838:U.S. Securities and Exchange Commission
775:United States Postal Inspection Service
469:
198:U.S. Securities and Exchange Commission
14:
2852:
1707:
1555:
1496:
1265:
1221:
958:U.S Securities and Exchange Commission
599:, where the standard of proof is only
2044:
1921:
1879:. New York: Oxford University Press.
1840:"Who Gets Swindled in Ponzi Schemes?"
1144:
1115:
1091:
1079:
1035:
87:
46:, the namesake of the scheme, in 1920
2713:High-yield investment program (HYIP)
1520:. Leiden/Boston: Brill. p. 43.
1299:. Leiden/Boston: Brill. p. 43.
982:
941:
282:The initial contact took place by a
2703:Foundation for New Era Philanthropy
1423:
1009:Deason, Rajgopal & Waymire 2015
902:, John Wiley and Sons, p. 50,
646:
24:
1986:from websites or documents of the
1753:The B.E. Journal of Macroeconomics
1346:Kaminska, Izabella (1 June 2017).
1319:
989:, John Wiley and Sons, p. 5,
858:from websites or documents of the
538:
437:
366:can be considered a Ponzi scheme.
170:
25:
2881:
2004:
878:. Random House: New York, 2005. (
442:
2010:
1982: This article incorporates
1977:
854: This article incorporates
849:
651:
56:
2768:Saradha Group financial scandal
1967:from the original on 6 May 2017
1787:
1740:
1701:
1668:
1622:
1608:
1582:
1549:
1509:
1490:
1442:
1417:
1392:
1367:
1288:
1239:
1215:
1189:
803:has called an "inevitable end".
793:
755:Saradha Group financial scandal
253:Secretive or complex strategies
2029:Fraud Awareness and Prevention
1663:Kindleberger & Aliber 2005
976:
915:
889:
329:high-yield investment programs
311:the principal and the profits.
290:, a language-based radio or a
13:
1:
2122:1992 Indian stock market scam
1800:International Economic Review
1679:. Routledge. pp. 38β40.
1516:Nestarcova, Dominika (2019).
1449:Nestarcova, Dominika (2019).
1399:Nestarcova, Dominika (2019).
1295:Nestarcova, Dominika (2019).
810:
782:Notes, references and sources
672:
380:
265:Difficulty receiving payments
2397:Strip search phone call scam
2212:Extraterrestrial real estate
1726:10.1016/j.jmacro.2008.07.003
1708:Wigger, Berthold U. (2009).
1247:"Hedge Funds | Investor.gov"
765:Towers Financial Corporation
626:
191:
151:both feature such a scheme.
7:
2272:Intellectual property scams
2262:Indian coal allocation scam
2071:Scams and confidence tricks
1924:Understanding Ponzi schemes
688:
164:international reply coupons
10:
2886:
2758:Pyramid schemes in Albania
2718:Investors Overseas Service
2650:Website reputation ratings
1994:Zuckoff, Mitchell (2005).
1945:. New York, NY: Routledge.
1830:
1505:– via www.wired.com.
710:Bucket shop (stock market)
703:, also referred to as the
315:
104:to earlier investors with
29:
2865:Pyramid and Ponzi schemes
2796:
2788:Welsh Thrasher faith scam
2733:Madoff investment scandal
2658:
2460:
2227:Foreclosure rescue scheme
2112:
2076:
2017:Pyramid and Ponzi schemes
1998:. New York: Random House.
1926:. Cheltenham, UK: Elgar.
1922:Lewis, Mervyn K. (2016).
1714:Journal of Macroeconomics
1566:10.1007/978-3-319-78509-7
1197:"What is a Ponzi scheme?"
498:The May 2022 collapse of
419:Madoff investment scandal
219:Overly consistent returns
2783:Stanford Financial Group
2588:Russian Business Network
2377:Slavery reparations scam
1988:United States Government
1941:Springer, Marie (2021).
1272:Zuckoff (7 April 2005).
860:United States Government
786:
601:balance of probabilities
348:to rob Peter to pay Paul
225:Unregistered investments
2753:Petters Group Worldwide
1875:Frankel, Tamar (2012).
1222:Kurdas, Chidem (2012),
423:market downturn of 2008
375:certificates of deposit
27:Type of financial fraud
2447:White van speaker scam
2412:Technical support scam
2387:SSA impersonation scam
2342:Redemption/A4V schemes
2267:IRS impersonation scam
2232:Foreign exchange fraud
1984:public domain material
1796:"Rational Ponzi Games"
1765:10.2202/1534-6013.1031
856:public domain material
479:initial coin offerings
343:
47:
2247:Get-rich-quick scheme
2237:Fortune telling fraud
1904:LFP I SICAV directors
1685:10.4324/9781315704340
730:Get-rich-quick scheme
696:List of Ponzi schemes
568:"greater fool" theory
341:
259:Issues with paperwork
175:In a Ponzi scheme, a
42:
2723:Kapa investment scam
2543:Internet vigilantism
2533:Email authentication
2508:Cryptocurrency scams
2402:Swampland in Florida
2019:at Wikimedia Commons
1852:10.2139/ssrn.2586490
1618:. 23 September 2022.
1497:Volpicelli, Gian M.
1470:(11 December 2017).
983:Peck, Sarah (2010),
470:Cryptocurrency Ponzi
229:financial regulators
2827:Film and television
2548:Lenny anti-scam bot
2452:Work-at-home scheme
2417:Telemarketing fraud
2277:Kansas City Shuffle
2202:Embarrassing cheque
1759:(2): 153460131031.
1644:on 10 December 2022
874:Zuckoff, Mitchell.
701:Black Friday (1869)
564:Mississippi Company
531:In September 2022,
333:offshore investment
277:high-pressure sales
145:and his 1857 novel
2778:Scott W. Rothstein
2673:Aman Futures Group
2192:Coin rolling scams
2187:Coin-matching game
1186:, p. 297β299.
1171:, p. 297β298.
770:White-collar crime
750:Non-fungible token
705:Gold Panic of 1869
558:, cryptocurrency,
344:
243:Unlicensed sellers
48:
2860:Confidence tricks
2847:
2846:
2809:Confidence tricks
2528:Domain name scams
2427:Thai zig zag scam
2292:Miracle cars scam
2115:confidence tricks
2113:Notable scams and
2023:Ponzi Schemes FAQ
2015:Media related to
1886:978-0-19-992661-9
1601:978-3-11-071688-7
1575:978-3-319-78508-0
1527:978-90-04-41657-4
1460:978-90-04-41657-4
1435:978-3-11-071688-7
1410:978-90-04-41657-4
1385:978-3-11-071688-7
1320:Morris, David Z.
1306:978-90-04-41657-4
996:978-0-470-43453-6
986:Investment Ethics
929:on 1 October 2004
909:978-0-470-55373-2
760:Steven Hoffenberg
204:" for investors.
196:According to the
142:Martin Chuzzlewit
89:[Λpontsi]
16:(Redirected from
2877:
2678:Bernard Cornfeld
2640:Stock Generation
2568:Referer spoofing
2432:Three-card monte
2422:Thai tailor scam
2382:Spanish Prisoner
2312:Overpayment scam
2252:Green goods scam
2152:Black money scam
2137:Art student scam
2132:Advance-fee scam
2127:2G spectrum case
2065:
2058:
2051:
2042:
2041:
2014:
1999:
1981:
1980:
1976:
1974:
1972:
1966:
1959:
1946:
1937:
1918:
1916:
1914:
1899:
1890:
1871:
1824:
1823:
1791:
1785:
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1744:
1738:
1737:
1705:
1699:
1698:
1672:
1666:
1660:
1654:
1653:
1651:
1649:
1643:
1638:. Archived from
1626:
1620:
1619:
1612:
1606:
1605:
1586:
1580:
1579:
1553:
1547:
1546:
1544:
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1513:
1507:
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1479:
1464:
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1396:
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1371:
1365:
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1343:
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1193:
1187:
1181:
1172:
1166:
1160:
1154:
1148:
1142:
1136:
1130:
1119:
1118:, p. 28β29.
1113:
1107:
1106:, p. 22β25.
1101:
1095:
1089:
1083:
1077:
1071:
1065:
1054:
1048:
1039:
1033:
1024:
1018:
1012:
1006:
1000:
999:
980:
974:
973:
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969:
950:
939:
938:
936:
934:
919:
913:
912:
893:
887:
872:
863:
853:
852:
848:
846:
844:
826:
804:
797:
745:Money multiplier
647:Related concepts
592:reasonable doubt
544:Economic bubbles
475:Cryptocurrencies
408:liquidity crises
91:
86:
82:
81:
78:
77:
74:
71:
68:
65:
62:
21:
2885:
2884:
2880:
2879:
2878:
2876:
2875:
2874:
2850:
2849:
2848:
2843:
2792:
2738:Make Money Fast
2708:Franchise fraud
2663:
2654:
2635:Spoofing attack
2618:Scammer Payback
2466:countermeasures
2465:
2456:
2147:Bait-and-switch
2114:
2108:
2072:
2069:
2007:
2002:
1978:
1970:
1968:
1964:
1957:
1934:
1912:
1910:
1887:
1833:
1828:
1827:
1812:10.2307/2526789
1792:
1788:
1745:
1741:
1706:
1702:
1695:
1673:
1669:
1661:
1657:
1647:
1645:
1635:Financial Times
1628:
1627:
1623:
1614:
1613:
1609:
1602:
1587:
1583:
1576:
1554:
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1540:
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1042:
1034:
1027:
1019:
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1007:
1003:
997:
981:
977:
967:
965:
964:on 26 June 2012
952:
951:
942:
932:
930:
923:"Ponzi Schemes"
921:
920:
916:
910:
894:
890:
873:
866:
850:
842:
840:
828:
827:
818:
813:
808:
807:
798:
794:
789:
784:
779:
691:
675:
654:
649:
641:darknet markets
629:
572:intrinsic value
541:
539:Economic bubble
488:Financial Times
472:
445:
440:
438:Similar schemes
388:insider trading
383:
325:futures trading
318:
292:religious radio
194:
173:
171:Characteristics
137:Charles Dickens
121:Adele Spitzeder
92:) is a form of
84:
59:
55:
35:
28:
23:
22:
15:
12:
11:
5:
2883:
2873:
2872:
2867:
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2845:
2844:
2842:
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2835:
2834:
2829:
2821:
2816:
2811:
2806:
2800:
2798:
2794:
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2790:
2785:
2780:
2775:
2770:
2765:
2760:
2755:
2750:
2745:
2740:
2735:
2730:
2725:
2720:
2715:
2710:
2705:
2700:
2695:
2690:
2685:
2680:
2675:
2669:
2667:
2656:
2655:
2653:
2652:
2647:
2645:Voice phishing
2642:
2637:
2632:
2627:
2622:
2621:
2620:
2615:
2610:
2605:
2595:
2590:
2585:
2580:
2575:
2570:
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2560:
2555:
2550:
2545:
2540:
2535:
2530:
2525:
2520:
2515:
2510:
2505:
2500:
2495:
2490:
2485:
2480:
2478:Pig Butchering
2475:
2469:
2467:
2462:Internet scams
2458:
2457:
2455:
2454:
2449:
2444:
2439:
2434:
2429:
2424:
2419:
2414:
2409:
2404:
2399:
2394:
2389:
2384:
2379:
2374:
2369:
2367:Sick baby hoax
2364:
2359:
2354:
2349:
2347:Reloading scam
2344:
2339:
2334:
2329:
2324:
2319:
2314:
2309:
2304:
2299:
2294:
2289:
2284:
2282:Locksmith scam
2279:
2274:
2269:
2264:
2259:
2254:
2249:
2244:
2239:
2234:
2229:
2224:
2219:
2214:
2209:
2204:
2199:
2194:
2189:
2184:
2179:
2174:
2169:
2164:
2159:
2154:
2149:
2144:
2139:
2134:
2129:
2124:
2118:
2116:
2110:
2109:
2107:
2106:
2101:
2096:
2091:
2086:
2080:
2078:
2074:
2073:
2068:
2067:
2060:
2053:
2045:
2039:
2038:
2032:
2026:
2020:
2006:
2005:External links
2003:
2001:
2000:
1991:
1947:
1938:
1933:978-1786433404
1932:
1919:
1900:
1891:
1885:
1872:
1834:
1832:
1829:
1826:
1825:
1786:
1739:
1720:(3): 492β499.
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1667:
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1526:
1508:
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1287:
1264:
1238:
1233:978-1479257584
1232:
1214:
1188:
1173:
1161:
1159:, p. 129.
1149:
1137:
1135:, p. 297.
1120:
1108:
1096:
1084:
1082:, p. 6β7.
1072:
1055:
1040:
1025:
1023:, p. 3β4.
1013:
1001:
995:
975:
940:
914:
908:
888:
864:
830:"Ponzi Scheme"
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720:Football Index
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449:pyramid scheme
444:
443:Pyramid scheme
441:
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436:
427:
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415:
403:
382:
379:
371:Allen Stanford
317:
314:
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301:
298:
295:
294:advertisement.
288:social network
280:
269:
268:
262:
256:
250:
240:
222:
216:
193:
190:
172:
169:
154:In the 1920s,
139:'s 1844 novel
32:Pyramid scheme
26:
9:
6:
4:
3:
2:
2882:
2871:
2870:Charles Ponzi
2868:
2866:
2863:
2861:
2858:
2857:
2855:
2840:
2839:Ponzi schemes
2837:
2833:
2830:
2828:
2825:
2824:
2823:In the media
2822:
2820:
2817:
2815:
2812:
2810:
2807:
2805:
2802:
2801:
2799:
2795:
2789:
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2784:
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2779:
2776:
2774:
2773:Secret Sister
2771:
2769:
2766:
2764:
2761:
2759:
2756:
2754:
2751:
2749:
2746:
2744:
2743:Matrix scheme
2741:
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2729:
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2724:
2721:
2719:
2716:
2714:
2711:
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2689:
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2684:
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2665:Ponzi schemes
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2576:
2574:
2573:Ripoff Report
2571:
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2566:
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2561:
2559:
2556:
2554:
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2546:
2544:
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2398:
2395:
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2383:
2380:
2378:
2375:
2373:
2372:SIM swap scam
2370:
2368:
2365:
2363:
2360:
2358:
2355:
2353:
2350:
2348:
2345:
2343:
2340:
2338:
2337:Pump and dump
2335:
2333:
2330:
2328:
2325:
2323:
2322:Pig in a poke
2320:
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2200:
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2190:
2188:
2185:
2183:
2180:
2178:
2177:Charity fraud
2175:
2173:
2170:
2168:
2165:
2163:
2160:
2158:
2157:Blessing scam
2155:
2153:
2150:
2148:
2145:
2143:
2140:
2138:
2135:
2133:
2130:
2128:
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2089:Error account
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1696:
1694:9781315704340
1690:
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1682:
1678:
1671:
1665:, p. 28.
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1370:
1355:
1354:
1353:FT Alphaville
1349:
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1323:
1316:
1308:
1302:
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1202:
1198:
1192:
1185:
1184:Springer 2021
1180:
1178:
1170:
1169:Springer 2021
1165:
1158:
1157:Springer 2021
1153:
1147:, p. 30.
1146:
1141:
1134:
1133:Springer 2021
1129:
1127:
1125:
1117:
1112:
1105:
1100:
1093:
1088:
1081:
1076:
1070:, p. 10.
1069:
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884:1-4000-6039-7
881:
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871:
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839:
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823:
821:
816:
802:
801:Tamar Frankel
796:
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771:
768:
766:
763:
761:
758:
756:
753:
751:
748:
746:
743:
741:
740:Minsky moment
738:
736:
735:Matrix scheme
733:
731:
728:
726:
725:Gary Sorenson
723:
721:
718:
716:
713:
711:
708:
706:
702:
699:
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652:Ponzi finance
644:
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588:
584:
581:
580:pump and dump
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550:(for example
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392:whistleblower
389:
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342:Charles Ponzi
340:
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305:maturity date
302:
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289:
286:or through a
285:
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247:United States
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157:
156:Charles Ponzi
152:
150:
149:
148:Little Dorrit
144:
143:
138:
134:
133:interest rate
130:
126:
122:
117:
115:
114:Charles Ponzi
111:
107:
103:
99:
95:
90:
80:
53:
45:
44:Charles Ponzi
41:
37:
33:
19:
18:Ponzi schemes
2763:Reed Slatkin
2728:Kubus scheme
2664:
2608:Jim Browning
2603:419eater.com
2598:Scam baiting
2583:Romance scam
2553:Lottery scam
2498:Clickjacking
2442:Wash trading
2437:Trojan horse
2352:Return fraud
2302:Mock auction
2197:Drop swindle
2162:Bogus escrow
1995:
1969:. Retrieved
1942:
1923:
1911:. Retrieved
1895:
1876:
1843:
1803:
1799:
1789:
1756:
1752:
1742:
1717:
1713:
1703:
1676:
1670:
1658:
1646:. Retrieved
1641:the original
1633:
1624:
1610:
1591:
1584:
1557:
1551:
1539:. Retrieved
1517:
1511:
1502:
1492:
1483:
1476:. Retrieved
1468:Clayton, Jay
1450:
1444:
1425:
1419:
1400:
1394:
1375:
1369:
1357:. Retrieved
1351:
1341:
1329:. Retrieved
1326:The Atlantic
1325:
1315:
1296:
1290:
1280:29 September
1278:. Retrieved
1267:
1255:. Retrieved
1251:investor.gov
1250:
1241:
1223:
1217:
1205:. Retrieved
1203:. Mijiki.com
1200:
1191:
1164:
1152:
1140:
1111:
1104:Frankel 2012
1099:
1094:, p. 8.
1087:
1075:
1068:Frankel 2012
1053:, p. 1.
1038:, p. 6.
1021:Frankel 2012
1016:
1011:, p. 2.
1004:
985:
978:
966:. Retrieved
962:the original
957:
931:. Retrieved
927:the original
917:
898:
891:
875:
841:. Retrieved
834:Investor.gov
833:
795:
715:Chain letter
704:
676:
667:Hyman Minsky
655:
630:
604:
542:
530:
517:
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483:smart Ponzis
482:
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461:investments.
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195:
186:
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146:
140:
118:
112:businessman
52:Ponzi scheme
51:
49:
36:
2804:Con artists
2688:Dona Branca
2630:Spoofed URL
2538:Email fraud
2518:CyberThrill
2493:Click fraud
2407:Tarmac scam
2332:Pork barrel
2327:Pigeon drop
2317:Patent safe
2307:Moving scam
2217:Fiddle game
2167:Boiler room
2142:Badger game
2104:Sucker list
2077:Terminology
2035:Ponzimonium
1846:(2586490).
933:24 December
683:public debt
597:civil court
560:tulip bulbs
548:open market
533:Jamie Dimon
421:during the
363:hedge funds
181:investments
96:that lures
2854:Categories
2832:Literature
2693:Earl Jones
2625:ShadowCrew
2578:Rock Phish
2523:DarkMarket
2513:Cybercrime
2488:Catfishing
2362:Shell game
2297:Mismarking
2222:Fine print
2182:Clip joint
2172:Bride scam
1806:(3): 431.
1648:19 January
1541:13 January
1478:13 January
1257:9 November
1145:Lewis 2016
1116:Lewis 2016
1092:Lewis 2016
1080:Lewis 2016
1036:Lewis 2016
811:References
673:Ponzi game
622:investment
526:Bitconnect
504:stablecoin
485:" per the
381:Unraveling
373:used bank
231:(like the
177:con artist
129:Sarah Howe
2819:Impostors
2473:Avalanche
2287:Long firm
2207:Exit scam
1860:151002206
1781:201282659
1773:1935-1690
1734:154039145
679:economics
633:exit scam
627:Exit scam
587:bad faith
562:, or the
518:AriseCoin
514:AriseBank
309:roll over
303:Once the
284:cold call
245:. In the
202:red flags
192:Red flags
160:arbitrage
100:and pays
98:investors
2593:SaferNet
2563:Phishing
2503:Cramming
2392:SSC Scam
2257:Hustling
2242:Gem scam
1962:Archived
1953:(2013).
1906:(2013).
1276:. C-SPAN
799:In what
689:See also
606:mens rea
500:TerraUSD
412:bank run
402:maximum.
85:Italian:
2683:Caritas
2660:Pyramid
2613:Kitboga
2483:Carding
2357:Salting
2099:Shyster
1868:2586490
1831:Sources
1820:2526789
1359:20 July
1331:28 June
1207:23 June
968:23 June
658:finance
556:housing
457:return.
331:", or "
316:Methods
235:or the
179:offers
127:and by
125:Germany
110:Italian
102:profits
2698:Ezubao
2558:PayPai
1971:9 June
1930:
1913:9 June
1883:
1866:
1858:
1818:
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1771:
1732:
1691:
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1432:
1407:
1382:
1303:
1230:
1201:Mijiki
993:
906:
882:
843:9 June
637:escrow
619:margin
2797:Lists
2094:Shill
1965:(PDF)
1958:(PDF)
1856:S2CID
1816:JSTOR
1777:S2CID
1730:S2CID
1503:Wired
787:Notes
552:stock
509:Wired
322:hedge
106:funds
94:fraud
2084:Scam
1973:2021
1928:ISBN
1915:2021
1881:ISBN
1864:SSRN
1844:SSRN
1769:ISSN
1689:ISBN
1650:2018
1596:ISBN
1570:ISBN
1543:2023
1532:Cf.
1522:ISBN
1480:2023
1465:Cf.
1455:ISBN
1430:ISBN
1405:ISBN
1380:ISBN
1361:2017
1333:2017
1301:ISBN
1282:2018
1259:2021
1228:ISBN
1209:2012
991:ISBN
970:2012
935:2008
904:ISBN
880:ISBN
845:2021
662:debt
502:, a
327:", "
213:risk
2748:MMM
2662:and
2464:and
1848:doi
1808:doi
1761:doi
1722:doi
1681:doi
1562:doi
677:In
522:SEC
516:or
237:FCA
233:SEC
162:of
123:in
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1249:.
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