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Ever wondered why some scam programs are named “Ponzi?”
The term “Ponzi” is derived from Charles Ponzi (pic on right), an Italian immigrant, who ran his original scams in Montreal before moving to Boston, where he initially worked as a clerk.
What is an HYIP?
An HYIP (High Yield Investment Program) is an online investment program that typically offers very high returns on the capital invested. The returns are so high — sometimes reaching 100% return on investment in just one day — that most of them are obvious scams.
Majority of these schemes operate as Ponzi investments, which means profits of earlier investments are paid using money from new investors. Once new investments declined, earlier investors cannot be paid anymore and eventually the program folds up.
