That’s what Ponzi told people he was doing. And in the beginning he was, and it was working, but then he started paying investors with other investors money.
That’s what Ponzi told people he was doing. And in the beginning he was, and it was working, but then he started paying investors with other investors money.
AffineConnection@lemmy.world 1 year ago
I might be wrong, but to my recollection, he never got it to work; in the beginning, he merely believed that he could eventually get it to work, and that the first fraudulent payouts to early investors were originally intended as a temporary way of buying time without losing investors.