We have as a people experience what we would call historic bitterness with Ponzi schemes. “Once bitten, twice shy,” they say. But at this point, we at SEB think it should rather be a situation of “forever shy”.
Recall the following:
MMM (Mavrodi Mundial Moneybox): Originating in Russia, it collapsed in the 1990s and resurfaced in various countries, including Nigeria, before crashing again.
Bernie Madoff's Scheme: One of the largest in history, it defrauded investors of billions before unraveling in 2008.
Bitclub Network: A cryptocurrency-based Ponzi scheme that operated globally before its collapse.
Spitzedersche Privatbank: A 19th-century scheme in Germany, promising high returns but ending in fraud.
Well , we came by this article captioned "CBEX scam: Folly of Greed", courtesy, Punch Newspapers, and we thought it wise to bring you up to speed with its submissions to perhaps, disabuse the minds of many about the Ponzi scheme menace in our society.