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Charles Ponzi lent the Ponzi scheme its name, but he is not the first—or the last—to dupe investors with this age-old con.The biggest Ponzi scheme of all time is operating under the radar right now, unknown and undetected by regulators and unsuspecting investors. Learn how to spot a Ponzi scheme and discover my stunning prediction of exactly where, when, and how this massiCharles Ponzi lent the Ponzi scheme its name, but he is not the first—or the last—to dupe investors with this age-old con.The biggest Ponzi scheme of all time is operating under the radar right now, unknown and undetected by regulators and unsuspecting investors. Learn how to spot a Ponzi scheme and discover my stunning prediction of exactly where, when, and how this massive Ponzi scheme will finally collapse.Could you be a victim and not know it? Many people were unaware their money was tied up in Bernard Madoff’s fraud. Find out what makes these fraudsters tick, and learn how Tom Petters, Scott Rothstein, and other fraudsters amassed billions before their arrests....

Title : Anatomy of a Ponzi: Scams Past and Present
Author :
Rating :
ISBN : 9780987883537
Format Type : Paperback
Number of Pages : 280 Pages
Status : Available For Download
Last checked : 21 Minutes ago!

Anatomy of a Ponzi: Scams Past and Present Reviews

  • Sharon Barrow Wilfong
    2018-09-24 06:11

    " My game was simple. It was the old game of robbing Peter to pay Paul." -Charles PonziIn anatomy of a Ponzi, Colleen Cross endeavors to expose the world of investment scams to protect future victims and also hopefully create laws that provide more than a slap on the wrist to scammers.The first section of the book is a general overview of the sort of mind that creates Ponzi scams. They share ten characteristics with psychopaths. In fact she calls them financial psychopaths:1. Superficial Charm.2. Grandiose Self-worth3. Need for Stimulation, easily bored4. Pathological liar5. Manipulative6. Lack of remorse7. No emotional depth8. No empathy for others suffering9. Parasitic Lifestyle- lives off others money10. Poor self-controlHmm...reminds me of a man I once dated...After giving the general description of Ponzi schemers she gives us the history of several from the past century, starting with the one who gave his name to the fraud, Charles Ponzi.In 1920, Charles Ponzi discovered that the United States would redeem stamps from around the world at the US rate, even if the stamps were purchased more cheaply in European countries, like Ponzi's home country Italy.He sold stamps to thousands of people leading them to believe that they could get great returns. He bought the stamps from relatives, then sold them to Americans, assuring them that they could then redeem them with profit. The problem was that there were no where near enough stamps to accommodate all the thousands that wanted in on the deal. Ponzi did not want his clients to know that so he would pay out the initial investors with the money later investors gave him and hoped nobody would ask for a redemption.As eventually happens with Ponzi schemes, people want their returns. Often this is provoked by a financial crises that has everybody running to get their money. Of course in a Ponzi scam, there is no money because the scammer was actually spending the money on a lavish lifestyle, giving back just enough to make people believe their investments were making money.In the end Charles Ponzi defrauded investors of 20 million dollars (225 million in today's dollars).His prison sentence? 12 years.Cross devotes several chapters each to other scammers ending with the biggest, Bernie Madoff who defrauded his investors of 65 billion dollars.Each chapter is a case study of the scammer, his particular investment, how he carried out the scam and his final fate. With the exception of Madoff who got a life sentence because of the publicity, most only got a few years in prison, even though they scammed people out of their life savings.Ms. Cross also lists the signs of a scam and how they can be avoided. To simplify, if it's too good to be true, it is not true. Any investment that promises unrealistically high returns that over shadow any other investment is probably a scam. She admonishes investors to do their research and provides resources that help to learn the integrity of professional investors and also where to turn if you suspect that you have been the victim of an investment scam.All of the book was highly informative and if she had stopped with what she knew it would have been a highly instructive book. Unfortunately she felt she had to make her dig against the capital market, pointing out the such scams can only happen where there is free enterprise because countries where governments control business, one will be free of fraud.Right. Because socialist governments are comprised of people with sterling morals and capitalist governments produce politicians that are greedy goons. Human nature is apparently determined by government structure.The final mistake Cross made was to predict the next big Ponzi scheme. She asserts that a 100-plus billion dollar Ponzi scam will take place during the next presidential election, on a Monday to be exact, November 14, 2016 to be even more exact in a New York hedge fund. It will be exposed by a rival hedge fund. He will be a highly respected man in his fifties, a lawyer or an accountant. And he'll be driving a Bentley.Most of her prediction is unimpressive because with the exception of one woman, all the Ponzi scammers in her book meet her description so all she has done is create an amalgamation. The same goes for the type of investment fund. Ms. Cross took her own gamble and lost. She wrote this book in 2013, and 2016 has come and gone. But hey, it could still happen.At least I learned a lot about hedge funds, reverse engineering, and how former communist countries are the most vunurable to scams. Ioan Stoica defrauded 4 million Romanians out of 1 billion dollars in 1994 with his Caritas Company, mutual aid scheme. He even had commercials on TV promoting his wonderful "investment". One out of every five Romanians were greedy for high returns on their newly acquired money. If one doesn't quibble over Ms. Cross' presumption over economic systems or her own fortune telling; if you are interested in the design of a Ponzi scheme and the sort of criminal minds that create them or if you'd like to understand how to avoid them, I would recommend this book.

  • Rebecca McNutt
    2018-10-10 09:26

    As much psychological as financial, this collection of the history of the Ponzi scheme is both intriguing and very detailed. Even if you're not necessarily into business or economics, this is still quite a vast history diving into the people behind the crimes and how they met with downfall.

  • Sandra
    2018-09-17 11:10

    This first venture into a non-fiction book by mystery author Colleen Cross offers a wealth of information on the top ten Ponzi and pyramid schemes that occurred over the last century. The principles of these financial frauds are explained in plain language that anyone can understand. The personal history provided on each major fraudster enables us to understand the thinking behind some of the biggest frauds in history, thereby adding a human perspective to these crimes. The author also includes tips on how to spot a fraudster and predicts when the next big Ponzi scheme will be revealed.For anyone contemplating investments, this is a must-have book that provides valuable insight into the signs of a potential scam. A thought-provoking and helpful read!

  • Raluca
    2018-10-01 04:30

    Shockingly real book!! I can't believe all these things are happening in our lifetime. This book is very informative and a reminder to not try to make money fast!A must read!!

  • Cea
    2018-09-30 07:02

    While I was on vacation I read "Anatomy of a Ponzi Scheme" https://www.amazon.ca/Anatomy-Ponzi-S... by Colleen Cross, Author If you haven't read it, so worth getting. I couldn't put it down and am going to re-read it, along with all the highlighted passages I need to take a close look at. It went beyond Madoff and detailed what to look for - and what the difference is between a Ponzi and a Pyramid and what to look for. It laid it out in really straight forward terms so I wasn't talking over (husband) when I insisted he listen to me quote from this book at night. In our hotel room. During our vacation (now isn't he the luckiest man?) BUT! the weird part is as I'm telling people about this book, how many people say they know someone who is already involved in one scam or the other. And they don't seem to care - bizarre!!! Anyways, worth the read - will really make you think and hopefully you don't already know someone involved in these.

  • Debra
    2018-10-06 05:08

    Make no mistake about it. Ponzi schemes are more prevalent and devastating than ever. That’s why I’m so pleased to see author Colleen Cross provide a comprehensive look at the topic, with useful tips on how to avoid investing with these persuasive con artists. She brings a clearer understanding of these schemes and a broad overview starting with Charles Ponzi (infamous for selling Florida swampland, among other things) and ending with more recent and larger fiascos such as Bernie Madoff’s $65 billion dollar debacle.Cross describes how to recognize a Ponzi scheme. She even predicts when the next huge Ponzi scheme will be discovered. Trust me, it’s coming soon, but you’ll have to read the book to find out when. Anatomy of a Ponzi is a great reference for those who’ve heard of Ponzi schemes but don’t know what they are or how they differ from a pyramid scheme. She also dispels some common myths that all victims lose money due to greed. For instance, many of Madoff’s victims didn’t even know that their pension fund had found its way into his complex network.Especially appealing is the style Cross uses to tell the story. Chapters that discuss a particular fraudster employ fictional techniques such as first-person POV and dialogue to introduce us to the men and women behind the schemes. From there, she switches to a nonfiction narrative style. It’s a great way to engage readers into stories about business strategies and numbers.As some of these criminals’ stories are still ongoing, I would love to see an update and to learn about the latest exposed schemes. As Cross points out, though, there are simply far too few discoveries and convictions. Ponzi schemes are becoming increasingly sophisticated and more difficult to expose. Given the damage they’ve done, and will do, to millions of lives it’s pretty scary stuff. This book, however, will help you avoid what others could not.

  • Kimberly Laplante
    2018-09-19 07:28

    I received this book from a first-reads giveaway. I think the subject matter is very interesting, but, overall, I found this to be a very shallow interpretation of the material. In well-researched non-fiction book I expect a detailed reference section, which was absent here. The author often made very general statements and then failed to reference them (e.g. describing personality traits of scammers). I feel like much of the information gathered here could be obtained in a couple of hours on wikipedia.

  • Trevor Lockwood
    2018-09-25 09:20

    If you research a subject, no matter what it is, then you can cobble together a book. This is what seems to have happened here. Ponzi is a well-known scam. This book doesn't add much to that except to itemise a number of scams.

  • Tony Parsons
    2018-09-25 12:25

    I am fascinated with this brilliant man, I'd luv 2 win/read this book

  • Jared Tipton
    2018-09-25 06:20

    Great little read on the subject. Not a ton of new insights but there are some interesting things that make it worthwhile.

  • Colleen Cross
    2018-10-01 07:25