There has been a lot of publicity regarding Ponzi schemes following the con by Bernard Madoff in the USA which run into billions of dollars. Even UK banks were sucked into the so called investment with HBOS losing £653 million, RBS £388 million and the Spanish bank Santander £2.03 billion. Unbelievable.I wrote about the danger of Ponzi schemes way back in January 2007, see Warning: Beware Of Ponzi Schemes. The thing to remember is that 'if something looks too good to be true it probably is.'
This is why at the time I made a fuss about things such as Wealth ToolBox.
It's so easy to get sucked into these sort of schemes - as we've seen, incredibly, even banks are fooled. Be careful!
Good luck,
Mike.
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