It might be the most un-celebrated centennial you’ve never heard of – the year that the Ponzi Scheme turns 100.
Since the term was ‘coined’ in 1920 when Charles Ponzi defrauded thousands of Americans, billions of dollars have been scammed from innocent people through the fraudulent investment scheme. By promising large returns, the schemer gathers money from new investors to pay old ones, thus creating a cycle of large gains for the main perpetrator.
To mark the anniversary of the deceptive investment fraud, comparethemarket.com.au has created the following infographic that counts down the 10 largest Ponzi Schemes by the amount of money scammed.
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