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Ponzi Scheme

Discussion in 'General Baptist Discussions' started by swaimj, Jan 12, 2009.

  1. swaimj

    swaimj <img src=/swaimj.gif>

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    Have you ever known anyone who got into one of these? How long did it take them to lose everything? Were you able to persuade them to get out before they lost everything? I have a relative participating in one of these and I am very concerned.
     
  2. Jim1999

    Jim1999 <img src =/Jim1999.jpg>

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    Hey matey, What is this ponzi scheme? I've never heard of it. Maybe I need to get out more.

    Cheers,

    Jim
     
  3. Salty

    Salty 20,000 Posts Club
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  4. Jim1999

    Jim1999 <img src =/Jim1999.jpg>

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    Doesn't sound very good to me from that article. I value the monies I have saved over the years.

    Cheers,

    Jim
     
  5. Marcia

    Marcia Active Member

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    I think Ponzi schemes are illegal.

    That financial guy was just convicted or is about to be of one -- his name is Maldoff or something like that. He was dealing with huge amounts of money.
     
  6. gb93433

    gb93433 Active Member
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    A recent case of a ponzi scheme is the Baptist Foundation of Arizona.

    http://www.cephas-library.com/baptists/s_baptists_financial_collapse.html
    http://en.wikipedia.org/wiki/Baptist_Foundation_of_Arizona
    http://www.nysscpa.org/cpajournal/2003/0703/dept/d075003.htm
    http://www.rickross.com/groups/bfa.html
     
  7. ccrobinson

    ccrobinson New Member

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    Yes, Ponzi schemes are illegal. Bernie Madoff is the guy and he lost billions in his scheme.
     
  8. Marcia

    Marcia Active Member

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    Not just him, but all his investors lost tons of money, including some Hollywood stars who were taken in. Everyone thought he was okay because he was a reputable financial guy.
     
  9. ccrobinson

    ccrobinson New Member

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    Just to be contrary, I didn't say he lost only his money. :smilewinkgrin:

    As I understand, there were some companies and people that wanted nothing to do with him because they couldn't figure out how he was making the kind of returns he was supposedly making.
     
  10. Pastor Larry

    Pastor Larry <b>Moderator</b>
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    Madoff's biggest problem was that he wasn't in the government. The biggest Ponzi scheme going is Social Security. And one day we will be out just like Madoff's investors are.
     
  11. swaimj

    swaimj <img src=/swaimj.gif>

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    Sad but true, on Social Security.
     
  12. JustChristian

    JustChristian New Member

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    Convince them to get out now and they'll come out ahead. Of course, the victims of the Madoff Fraud are now suing to get at the money of people who got out early with a profit so maybe it's too late to come out ahead.
     
  13. John Toppass

    John Toppass Active Member
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    Actually if SS had been left alone and the deposits been allowed to grow at simple interest it would be healthy even now. The one factor that was not forseen was that the Federal Govt wanted in without putting anything into it. The feds went against the game plan.

    Just like the Dems are now saying the the Govt should take over private retirement funds and they will be responsible for distrubution.
    If you like Govt schooling then you will love the way the Govt will handle your retirement.
     
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