Promoted
Business

Ponzi Scheme

With the arrest of Bernard Madoff for defrauding investors of billions of dollars, everyone’s searching for a definition of a Ponzi scheme. Did you know the scam is actually named for a man, Charles Ponzi, who made millions on it back in the 1920’s? A basic definition: An investment scam based on paying early investors with money from later ones, all the while skimming some off for yourself, and eventually everything falls apart.

I mostly like old, unpopular things, like from 2002. I'm also 102 years old.
Contact Scott Lamb at scott@buzzfeed.com.
 
 
Here Are Today's Top Stories
  • [A Harris County, Texas, sheriff's deputy was ambushed Friday night when a man walked up and repeatedly shot him from behind. ] (http://www.buzzfeed.com/jimdalrympleii/sheriffs-deputy-shot-dead-in-ambush-at-texas-gas-station)
  • [Dominica Prime Minister Roosevelt Skerrit said that Tropical Storm Erika killed 20 people there, and set the island back 20 years from the damage. ] (http://www.buzzfeed.com/stephaniemcneal/at-least-5-people-are-missing-after-tropical-storm-erika-thr)
  • [Police are investigating the death of Jamycheal Mitchell, who was arrested months ago in Virginia for allegedly stealing about $5 worth of groceries. He was found dead in his jail cell last week. ] (http://www.buzzfeed.com/jimdalrympleii/black-man-held-for-months-for-stealing-5-worth-of-snacks-fou)
Get The News App

More News

More News

Now Buzzing