And he had an amazing capacity to keep it all straight. What was his secret? He was a charming, a funny guy, ingratiating, the kind of guy people liked to socialize with. He was generous and liked to hold parties and dote on the wives and girlfriends of his investors. He lived the pretense of the successful multimillionaire investment guru, with a wife and kids tucked away in a mansion, and he had affairs on the side. We hear about the victims of Ponzi schemes, in which swindlers pay investors with proceeds from new investments until the whole scheme collapses.
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Did some people make out like, well, bandits? When a Ponzi scheme goes on this long, its possible for people not only recoup their investments over time but actually make money. They got steady dividends of 10 percent, and Koretz would promise and apparently pay out 60 percent a year in dividends. How did they fare? He did leave a lot of burned investors. Some of them were wealthy enough to endure the blow, but there were some people who apparently lost life savings.
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Investors, then and now, do have to take some responsibility and do some homework and due diligence, but it is a two-way street. The con man is selling trust.
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What was this fake Central American empire that he created? This was such an outrageous investment scheme. He said he had oil fields producing oil in Panama, and Standard Oil, the largest petroleum company, was desperate to buy a small stake. He either had or was building a fleet of tankers, and he had pipelines, he had oil wells and facilities.
He produced convincing maps and plans. They all believed this whole. Posted by Ponzied at 4: Newer Post Older Post Home. Have you ever been a victim of fraud?
Meet the 'forgotten con,' the man who out Ponzi-ed Ponzi and Madoff
Do you know what to do if you suspect you have been a victim of fraud or financial wrong doing? Subscribe To Posts Atom. About Me Ponzied I am a mother and a grandmother who isn't going to take it anymore! It is amazing how often people have been duped by a Ponzi scheme; even more appalling, they continue to be duped. There have been several instances where the life savings of people have been wiped out because they invested in a Ponzi scheme.
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A Ponzi scheme is one that pays returns to its investors from their own money or the money paid by subsequent investors rather than from profit earned by the person or organisation running the scheme. The scheme promises very high returns and entices unsuspecting investors to put in monies. The initial returns are attractive because the scheme uses the money from new investors to pay the older investors. For some time, the scheme works so beautifully that more unsuspecting investors pour in their hard earned money.