When and how did Ponzi scheme started?

[Aniwhyte]

I heard it was started by a Russian man named ponzi, reason it was named ponzi scheme. Only those who are moved by greed falls for ponzi schemes and I must be honest that I'm one of such persons, as I have fallen a lot for ponzi schemes.

 

[Shigobad20201]

Ponzi scheme starts in 1920, anand its a fraudulent investment scam that promises high rate of return with little risk to investors, ponzi scheme are similar to pyramid scheme in that both are based on using new investors to pay earlier backers.

 

[Sarfraz Ali123]

Ponzi began depositing the money in the Hanover Trust Bank of Boston (a small bank on Hanover Street in the mostly Italian North End), in the hope that once his account was large enough he could impose his will on the bank or even be made its president; he bought a controlling interest in the bank through himself

 

[Yewande]

Ponzi scheme is a fraudulent scheme that attract many with the high rate of return, many people have fallen victim of Ponzi schemes because of the high return they promise to give out and at the long run they run away with your money.
Although I have never fallen prey of any because I Know some warning signal that tells me a business is a scam or not

I was once a victim of Ponzi scheme. The first Ponzi scheme that really went viral in Nigeria was MMM. A lot of Nigerians lost their cash in this process. Lured by their greed, they gave out huge amount to gain profit to themselves.

 

[Kehinde]

Ponzi began depositing the money in the Hanover Trust Bank of Boston (a small bank on Hanover Street in the mostly Italian North End), in the hope that once his account was large enough he could impose his will on the bank or even be made its president; he bought a controlling interest in the bank through himself.

 

[Yewande]

Ponzi began depositing the money in the Hanover Trust Bank of Boston (a small bank on Hanover Street in the mostly Italian North End), in the hope that once his account was large enough he could impose his will on the bank or even be made its president; he bought a controlling interest in the bank through himsel

Please can you share more light on this. Seems like the history of how Ponzi started. Are you saying Ponzi started in Boston? I will be waiting for your response. Thank you in advance

 

[Heatman]

I believe that every person who comes into online earning and investment might have faced in losses due to ponzi schemes, because with the advancement of Technology and Science hackers scammers and fake people are also increasing scame with innocent people.

You are absolutely correct my friend, as long as you are looking for one way or another to make money online, there is always 90% chances of getting involved with ponzi schemes without even knowing it's a ponzi scheme until it begins to show its color as ponzi.

 

[Alogakho Esson]

Ponzi scheme is a online business scheme that is more of connecting economy like but is not healthy this days because it is not working properly

 

[Heatman]

Ponzi scheme is a online business scheme that is more of connecting economy like but is not healthy this days because it is not working properly

Seriously, those who have been behind the running of ponzi schemes have made great deal of money robbing people of their hard earned money. Yes, these people are the cause of their own misfortune because they are very greedy to begin with and it's all that led to their being scammed in ponzi.

 

[Blue house]

A portion of the previously recorded episodes to meet the advanced meaning of Ponzi conspire were completed from 1869 to 1872 by Adele Spitzeder in Germany and by Sarah Howe in the United States during the 1880s through the "Women's Deposit".

 

[Heatman]

A portion of the previously recorded episodes to meet the advanced meaning of Ponzi conspire were completed from 1869 to 1872 by Adele Spitzeder in Germany and by Sarah Howe in the United States during the 1880s through the "Women's Deposit".

I'm quite very sure that all the countries all over have a way their own ponzi schemes started. It's never the same thing for country A and country B. The only similarity is that they all end in the same way which is taking investors money and failing to pay them all what was promised.

 

[Quert]

It started long time ago in fact the Ponzi system is an unethical business scheme in which the money of new investors is used to make payments to previous investors. Money paid to Ponzi investors, represented as profits, is simply a distribution of capital in accounting terms.

 

[Heatman]

It started long time ago in fact the Ponzi system is an unethical business scheme in which the money of new investors is used to make payments to previous investors. Money paid to Ponzi investors, represented as profits, is simply a distribution of capital in accounting terms.

If my memory serves me well, what my mother used to call ponzi schemes is the act of borrowing from Peter to pay Paul and when there is no more Peter to take from and pay another Paul, it will mark the end of the Ponzi scheme.

 

[redpogi16]

Some of the first recorded incidents to meet the modern definition of Ponzi scheme were carried out from 1869 to 1872 by Adele Spitzeder in Germany and by Sarah Howe in the United States in the 1880s through the "Ladies' Deposit". Howe offered a solely female clientele an 8% monthly interest rate, and then stole the money that the women had invested. She was eventually discovered and served three years in prison.[3] 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.[4]

In the 1920s, Charles Ponzi carried out this scheme and became well-known throughout the United States because of the huge amount of money that he took in.[5] 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.[6] 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 collapsed – this notoriety eventually led to the type of scheme being named after him.

CREDITS TO WIKIPEDIA

 

[Kennysplash]

Ponzi schemes don't last, in fact it should be banned totally. The problem is with greedy people, they want unusually high returns on their investments so they go into Ponzi scheme. After paying just few people the it collapses.

Ponzi scheme is a fraudulent business model where investment from one investor is taken to pay profits to another investor. For example, A is paid with the money collected from B, B is paid with the money collected from C, and this goes on and on until there is someone left to invest. Once there are no investors, the business disappears. The company tells its investor that they have invested in some high yield program, thus are able to pay such a high return, however, this is nothing but a lie. This business is named after an American fraudster called Charles Ponzi. In 1920s, Charles Ponzi created a lot of people and accumulated a lot of money. This business model got his name. However, it was in existence long before Ponzi.
The first kind of Ponzi business model was recorded in Germany and later in the US in the late 19th century.
All of the High Yield Investment Programs operate in the Ponzi scheme.

 

[Okeh]

My first time of hearing about Ponzi scheme was in 2016, likes of MMM, ultimate circle, get help etc.

They came with their high rate of percentage just to attract more people. Some people were lucky while some lost their money to it.

My friends convinced me enough to join but I wasn't convinced enough. My elder brother was lucky enough, he was paid today and it clashed in three days time.

Ponzi scheme is a fraudulent act. I'm not advising anyone to venture into it.

 

[Mandypaul]

if you read history you find out that most of the Ponzi scheme has started many years ago but just that we must not let agreed covers us we must understand things that are legit and things that are likely to be scams, if they offer a very good amount of percentage they are likely to be scam.

 

[Adetayo100]

Concerning ponzi scheme and how it started. Well, it has been explained to detail of how it came to existence. The scheme is a very fraudulent one, an individual can never can tell when it is going to crash or who is the head of the scheme. It promises to make people earn outrageous amount of profit in short period of time.

Ponzi scheme is an illegal business practice in which new investor's money is used to make payments to earlier investors. In accounting terms, money paid to Ponziinvestors, described as income, is actually a distribution of capital.

 

[iamgroot]

Ponzi scheme is a fraudulent business model where investment from one investor is taken to pay profits to another investor. For example, A is paid with the money collected from B, B is paid with the money collected from C, and this goes on and on until there is someone left to invest. Once there are no investors, the business disappears. The company tells its investor that they have invested in some high yield program, thus are able to pay such a high return, however, this is nothing but a lie. This business is named after an American fraudster called Charles Ponzi. In 1920s, Charles Ponzi created a lot of people and accumulated a lot of money. This business model got his name. However, it was in existence long before Ponzi.
The first kind of Ponzi business model was recorded in Germany and later in the US in the late 19th century.
All of the High Yield Investment Programs operate in the Ponzi scheme.

Another story of history I learned because of this thread of yours. But the ponzi scheme is true right? It is true on their platforms in the beginning that everyone who joins and invests in them will make money, but in the long run everyone will also end up in a scam.

 

[Chibson]

Ponzi scheme is a fraudulent way of collecting money from people and in no time the business disappears. The first kind of Ponzi scheme I have hard in Nigeria is mmm. A lot of Nigerians fell victim this fraudulent scheme. There are still alot of Ponzi schemes coming to Nigeria everyday.