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Ponzi schemes
Osorio likewise shared a few features of Internet-based Ponzi Investment Schemes, based on a SEC warning. Named after scammer Charles Ponzi, a Ponzi scheme is a fraudulent operation intended to convince the public to invest their money. It generates returns for earlier investors by tapping subsequent ones.
The SEC said that Internet-based Ponzi schemes have investments in foreign currency (often US dollars), offer a huge profit in a very short period of time, have no paper trail such as contracts and receipts, provide for a lock-up period wherein an investor cannot touch his/her investment for a number of days/months, have unknown offices and officers, and conduct orientation seminars informally.
When dealing with investment offers by phone, e-mail, flyers, newspaper ads, or directly by any person, always know the company or the person you are speaking with. Get the landline number, which can be traced, instead of a cellphone number.
Anire and Osorio were invited guests in the OFW-targeted forum hosted by the Blas Ople Policy Center and Training Institute and the Villar Social Institute for Poverty Alleviation and Governance. – Rappler.com
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