Open Daily: 10am - 10pm | Alley door pickup 10am - 7pm 3038 Hennepin Ave Minneapolis, MN
612-822-4611

  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
PONZIMONIUM How Scam Artists are Ripping Off America (Black and White)

PONZIMONIUM How Scam Artists are Ripping Off America (Black and White)

Commodity Futures Trading Commission

Paperback

True Crime

ISBN10: 1506005659
ISBN13: 9781506005652
Publisher: Createspace
Published: Jan 7 2015
Pages: 86
Weight: 0.49
Height: 0.18 Width: 8.50 Depth: 11.02
Language: English
In December of 2008, the world learned that legendary investment guru Bernard Madoff made-off with an estimated $50 billion in what was called the Mother of all Ponzi Schemes. Ponzi schemes, named after Charles Ponzi, are scams in which early investors are given supposed returns paid through funds provided by later investors. Typically, an investment is made and then some profits are paid out, prompting the investor to assume that his or her money has increased in value. In actuality, the perpetrators of these schemes-Ponzi, Madoff, or the others described in this book-take the money for themselves. The legal term for this kind of taking is misappropriation. As new investors enter the fraud, supposed returns are offered continually to initial investors, and many times are accompanied by fake account statements. This continues until new money stops flowing in and the investors want their money back. During the 2008 economic downturn, people needed their money back at the same time that there were no new investors. Many house of cards scams have fallen and the perpetrators of the swindles have been caught. Charles Ponzi ran these types of scams in the U.S. until he was deported to Italy, his birth-place, in 1934 as an undesirable alien.

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