Scheme Ponzi: The financial pyramid scam!

👉 SUBSCRIBE AND Enable the 🔔 for videos of incredible curiosities, history, entrepreneurship, culture, things that happen in everyday life and current events ►

__
The history of the Ponzi scheme began with Charles Ponzi, an Italian immigrant who moved to the United States in 1903. Ponzi started his finance career working as a door-to-door salesman, but he always dreamed of becoming rich. In 1919, Ponzi came up with a plan to make a lot of money in a short amount of time: he would buy cheap foreign postal stamps and sell them in the United States for a higher price. Ponzi believed he could profit from the price difference and promised investors a 50% return in just 90 days.

__
Scheme Ponzi: The financial pyramid scam!

__
Ponzi managed to attract many investors with his promise of high returns. He used the money from new investors to pay the old ones, creating the appearance of a profitable business. However, Ponzi never bought foreign postal stamps. Instead, he used the investors' money to pay for his own personal expenses and maintain his extravagant lifestyle.

__
An original video created by Too Curious Facts

#curiosities #fatcs #history