Ponzi scheme | Wikipedia audio article
Channel: wikipedia tts
Date: 14/01/2019

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Ponzi_scheme


00:01:37 1 Characteristics
00:04:26 2 Red flags
00:06:50 3 Unraveling of a Ponzi scheme
00:08:14 4 Similar schemes
00:13:25 5 Society and culture
00:14:08 6 See also



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- Socrates


SUMMARY
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A Ponzi scheme (; also a Ponzi game) is a form of fraud which lures investors and pays profits to earlier investors by using funds obtained from more recent investors. The victims are led to believe that the profits are coming from product sales or other means, and they remain unaware that other investors are the source of profits. A Ponzi scheme is able to maintain the illusion of a sustainable business as long as there continue to be new investors willing to contribute new funds, and as long as most of the investors do not demand full repayment and are willing to believe in the non-existent assets that they are purported to own.
The scheme is named after Charles Ponzi who became notorious for using the technique in the 1920s. The idea had already been carried out by Sarah Howe in Boston in the 1880s through the "Ladies Deposit". Howe offered a solely female clientele an eight-percent monthly interest rate, 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; Charles Dickens' 1844 novel Martin Chuzzlewit and his 1857 novel Little Dorrit both feature such a scheme. Ponzi 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 based on the legitimate arbitrage of international reply coupons for postage stamps, but he soon began diverting new investors' money to make payments to earlier investors and to himself.