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Nov 29Doug Smith

Buzzword of the Week: Ponzimonium

Nov 29Doug Smith

This week’s buzzword is another of those great compound words from Investopedia: Ponzimonium.

After Bernard Madoff’s $65 billion Ponzi scheme was revealed, many new (smaller-scale) Ponzi schemers became exposed. Ponzimonium refers to the tremendous growth rate in the number of people under investigation by the Securities Exchange Commission for suspected similar fraudulent behaviors.

Possibly due to the heavy exposure of the event concerning Mr. Madoff’s business practices or the downturn in the economy, the use of Ponzi schemes appears to be more prevalent than previously believed. Criminals are now even turning to fraudulent internet investment operations to cheat unsuspecting victims.

Investopedia has an excellent video on Ponzi schemes at: http://bit.ly/oztk1a

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