How To Recognize A Pyramid Or Ponzi Scheme And Find A Legal Networking Business
What is a "Ponzi scheme" and where did the term come from? "Ponzi" refers to a real person and event. The person's name was Charles Ponzi. His scheme was a crime. According to the article "'Ponzi' Schemes" which was posted on the United States Securities and Exchange Commission website, Charles Ponzi raised over a million dollars in three hours in 1921. The people who trusted him with their money did so because he promised that they would get a 50 percent return in 90 days. In other words, they would give him $1,000 and get $1,500 back in three months. The demand for some extra cash was pretty high in 1921.
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