You'd be surprised how many "investors" with degrees, even in Finance, invest in BS. The whole crypto scam is evidence of this. I see people with economics degrees, "invest" in crypto, eventhough it's technically thin air. They have no underlying. These coins are literally prices going up and down. If they go to zero, you lose your investment. If you invest in Target and they go belly up, you might still get some pennies on your dollar.
That's how successful ponzi schemes have done it. Look at the Amway company. None of them have ever gone to jail and Betsy DeVos, the daughter of one of the founders, even because secretary of education under Trump.
@@Heyu7her3friedman didnt get jailed because he scammed countless poor people, he got jailed because he stained the reputation of the politicians he bribed, and the big investors he swindled. If it were just small fry he screwed he would get 10 years tops
There were THAT many folks who were willing to 'pay-per-bid' ?!? I remember seeing the ads, and never thought it would be a good idea to pay for an auction bid I may not actually win.
I remember this. I had put in a bid for an item and then I had to pay again to increase my bid. I did quick math and figured it was a scam. It I did not think it was a Ponzi scheme. 😅
The actual penny auction wasn't a ponzi scheme, it was gambling, but there weren't that many people interesting in gambling in this way, so they built a ponzi scheme on top of it.
Well, not everyone knows that a Ponzi scheme is name after a guy. Could be named after a town, a company, etc... most people heard the name for the first time when the Madoff case happened.
Because penny stocks AT LEAST IN AUSTRALIA are a few families running around with core sample drill rigs trying to find something worth mining in the desert. OF the find something worth mining, they sell the rights to some mining company and start looking again. They make it big once then spend years running around in the desert looking for the next deposit
An odd crime, given that it was 100% guaranteed to attract the attention of the regulators and place Paul Burks in an orange jump suit. He was clearly financially sophisticated, so why didn't he realise it could never work?
people truly just don't know better. when you're in a desperate situation with money, any way out looks like the grass on the other side. people simply aren't educated on this stuff to begin with, so it's no wonder they fall for it. you can call it stupidity in hindsight and not having experienced it, but there's far more to it than that. the people i don't feel bad for are the rich assholes who invest millions in shit like this, not the poor and downtrodden people just looking for a life worth living
@@Alister22ful True that. I know people like this guy are predatory but at the same time, as consumers and investors it’s up to us to do our due diligence and invest responsibly, in things that make sense. If you’re not financially educated you should not be throwing your money around. Just my opinion and I hope that the population can start using free financial tools online to avoid scams and bad investments
I’m a bit stupid. So if the auction website is somewhat legitimate but kinda worthless because youre unlikely to win, what if you went on the website years later once it had died down and not many people were using it? If the websites almost abandoned wouldn’t that make it much more likely you’d actually be able to buy something?
Many years ago a poor student wanted to make some money from his old worthless klunker of a car. So he proceeded to raffle it off, but a cop informed him that as an individual he couldn't legally sell raffles for money. However, he was told that in lieu of cash he could accept postage stamps for instance. So he did. Turned out he made a killing in stamps, and the outraged winner of the raffle got his stamp back...😅
The people who fell for it have nothing but their own avarice to blame. How could you possibly believe they have a legitimate business model by literally selling $100 for $58.
... The video explains. You paid money to bid. That $58 represents 5800 people who have all paid $1 (he says 60c but that was a reduced fee later when they started tanking) to bid. They weren't selling $100 for $58. They were selling you the chance to get $100 for $58 and earning $5800 doing so. The auction part is neither the ponzi scheme nor is it the illegal part of their business. Penny auctions are a scam, 100%. But they're not illegal nor are they even a novelty, there's millions of websites using the same model right now. The auction part of this has really confused this comment section
Just wondering what do people here think of companies that force their wholesaler/resellers to buy from them a certain amount(usually big) of goods in a month. Is this just a common thing? I have been in contact with some companies, and some companies seems to have this in their contract, smells a lot like a Ponzi scheme.
They're pyramid schemes, but because they have a product, they are allowed by law. Don't do it. The stuff they sell costs way more than you'd pay at Walmart. You will always lose.
No, it's 100% a scam. It's called multi level marketing. Money gets made not by selling the product, but by getting more sales people under you to continually buy more and more stock. Complete scam no matter what company is pushing the model
If they're telling you that, in addition to selling the merch you're required to buy, you can make even more money by signing up other people who will be required to buy X amount of goods each month, it's a Ponzi-esque scam called multi-level marketing and you should lose their numbers.
I'm not sure why these scammers stay in the USA after getting such sums. I would have emptied that bank account and got a one way ticket to a non extradition country.
If you had found this website couldn't you have exploited the fact that no one was using it and bid really low on items no one else was bidding on? Maybe I don't understand how it works
Your comment about financial distress. That’s what powers the border, getting smuggled to the US can be like 10k dollars in payments to smugglers and bribes - is obviously expensive and hard to acquire but people must believe is super worth it because is still happening. Or someone else is paying and trafficking people because is good business. Probably looks like a whole network of payments as you bring more people and for a community with its own economy
nope, when think of a "Ponzie Scheme" the first thing i think of is Fiat Currency controlled by the world banks, we could repay it all and still be in debt without more people taking up loans from the banks creating more unpayable interest and debt.
Good lord you have no idea what you're talking about. The dollar being backed by gold was the primary mechanism of the great depression. With today's trade non-fiat currency would tank a nation. Currency has to be inflationary to prevent hoarding and incentivize future production. The debt means nothing when the government is issuing so much of it relative to our gdp and trade activity. You people think it's like a credit card or bank loan as if private investors are going to demand their money back. The "debt" is not held by private investors and completely different rules apply. These policies are insane and pushed by libertarian grifters, every single prosperous economy has moved to "flat" and maintains debt ratios near GDP because it is optimal spending to promote a country's economic growth.
With all due respect, this is not a ponzi scheme. They were not hiding anything and with all of the gambling propaganda nowadays this is mild in comparison. Otherwise good mini doc
At his release date he will be 79 years old, so he will probably die behind bars!? lol, what!?!? I know people who still work at 79. I think you may have a wrong idea about how old people get these days. :)
Post an add once a day. This has a couple of purposes, first, adds from individuals are less likely to be sent to spam folders or lost in add the other corporate adds, so new people are much more likely click on a person's add then a corporate one. Second, If you're doing it every day you feel like you're doing something important and are much more likely think this is legitimate and keep investing more money into something you do every day.
I fucking knew it!! My mom came to me all excited one day and I kinda broke her heart when I advised against it. Didn’t have any reason to, except that it was obviously bullshit. 🤷🏻
This feels like that one chinese platform TEMU with how often everybody spams those affiliate links, are rewards people with either actual cash, or crazy generous coupons.
My advice to anyone feeling the heat in this current market. Just trade long term more than ever. If you can then get a professional to trade for you, think that way your assets are more secure
Yes I Agree, I've been talking to Fergus waylen for long now, mostly because I lack the knowledge and energy to deal with these ongoing market circumstances. there are more aspects of the market than the average individual is aware of. Having an investing counselor is now the best line of action, especially for most beginners and those who are close to retiring
Just made my first withdrawal last week and I wasn't happy with myself because I was skeptical which made me invest so low meanwhile I'm on my second trade with him and this time I invested in a big way
Absolute maximization of my profits and minimization of my losses has been the order of things with regards to the progress of my trades with Fergus Waylen, he is just too good
If you are not trading with Fergus waylen , then you're really missing out on a big opportunity to take your trades to the next level. You should definitely try him out. You won't regret
If people were sent around pressuring people into buying lotto tickets, and those people promised portions of ticket purchase profits. And actually the lotto company lied to those salesmen and just stole the salesmen's money to distribute to other salesmen. Aka, a Ponzi scheme.
People never change They always think the have the guy/company/job "Dude, if it was good, they wouldn't let YOU join in" "You know I'm a trader but i dont do this thing you're talking about. You think that is a good sign?" In the end i always tell them these, but no, no use. This is why i don't actually feel bad for people that lose money like this. I'm sorry but what happened to common sense?!
That logo is a crime
FR
graphic design is their passion
The name itself is an abomination
@@hamishmctiaigh4363 they are an abomination
Facts 😂
Moral of the story…If you are going to defraud investors make sure they are poor.
FTX investors would beg to differ... but really it's about desperation/ greed
You'd be surprised how many "investors" with degrees, even in Finance, invest in BS. The whole crypto scam is evidence of this. I see people with economics degrees, "invest" in crypto, eventhough it's technically thin air. They have no underlying. These coins are literally prices going up and down. If they go to zero, you lose your investment. If you invest in Target and they go belly up, you might still get some pennies on your dollar.
That's how successful ponzi schemes have done it. Look at the Amway company. None of them have ever gone to jail and Betsy DeVos, the daughter of one of the founders, even because secretary of education under Trump.
@@Heyu7her3friedman didnt get jailed because he scammed countless poor people, he got jailed because he stained the reputation of the politicians he bribed, and the big investors he swindled. If it were just small fry he screwed he would get 10 years tops
They must be poor and ignorant
Did anybody else almost go crazy because of the calculation at 4:35?
$0.65 PER BID * 100 = $650 😅
The calculation on screen is definitely wild tho lol
"$10 giftcard for 17 cents." And the woman is promoting it on tv... facepalm.
She didn't mention the "plus 9.99$ shipping
ha ha .. just the name Madoff (pronounced MADE-OFF) would have been an extremely huge bug RED flag
There were THAT many folks who were willing to 'pay-per-bid' ?!?
I remember seeing the ads, and never thought it would be a good idea to pay for an auction bid I may not actually win.
That’s probably why the core businesses didn’t work out because in the end many people thought about it like you I can imagine
For the record, Madoff’s scheme affected almost every single consumer in the west.
I remember this. I had put in a bid for an item and then I had to pay again to increase my bid. I did quick math and figured it was a scam. It I did not think it was a Ponzi scheme. 😅
Only takes a lil math lol
The actual penny auction wasn't a ponzi scheme, it was gambling, but there weren't that many people interesting in gambling in this way, so they built a ponzi scheme on top of it.
It is the next operation ask people and their friends pay to join and became affiliates it turn into Ponzi.
Same kinda thing, my mom dipped her toes in, and the whole thing just seemed ‘off’.
I still didn’t suspect a Ponzi.
4:00 I held it together until he talked about auctioning cash lol
UA-cam channel from 10 years ago showed up explaining to me how to make money on zeekler after i watched this video 😂😂😂
This reminds me why I never watch local news
The first thing I think about when you hear Ponzi scheme is Charles Ponzi, not Madoff. I can't be the only one?
nope ... it's now called the "Made-Off" scheme
Who the hell is Cherles Ponzi?
@@justicedemocrat9357 The fraudster who ran the first big Ponzi scheme and had the whole idea named after him.
Well, not everyone knows that a Ponzi scheme is name after a guy. Could be named after a town, a company, etc... most people heard the name for the first time when the Madoff case happened.
Patrick Boyle on UA-cams done a great documentary on Charles Ponzi
We had a similar penny auction here in the UK called “Madbid”, very lame!
Yes, this got my ex-wife, I told her this was a scam. Lol, a few months later it was shutdown. I got 80% of my money back
I was wondering where penny auctions went. Why are there still penny stocks?
Because penny stocks AT LEAST IN AUSTRALIA are a few families running around with core sample drill rigs trying to find something worth mining in the desert. OF the find something worth mining, they sell the rights to some mining company and start looking again. They make it big once then spend years running around in the desert looking for the next deposit
An odd crime, given that it was 100% guaranteed to attract the attention of the regulators and place Paul Burks in an orange jump suit. He was clearly financially sophisticated, so why didn't he realise it could never work?
I remember this scheme. You had to buy in. That it self was a scam. But lost interest before "affiliate" ponzi scheme was added.
Say what you will
About the man he didn’t spend most of the money, and that’s rare in these cases.
What was that recent penny auction site pushed? This video has me remembering it
If it is too good to be true…it usually is.
That news segment was like an advertisement. Good lord. Nothing about how most people end up paying for bids but win nothing on these sites.
It is amazing how this big scam is not well known.
it still happening in asian countries .. same shit different bucket..
In some circumstances, a bucket would be an upgrade.
Literally Temu that's being advertised RN
I thought Temu was just another Shein
@@cash8688 yes, TEMU isnt a bid site, they do random sales and offers but its basically cheap chinese goods delivered direct from China
@@cash8688Yep but with annoying commercials lol
But I wanna buy a bunch of wish level quality junk that turns up broken so I can pretend I'm shopping like a billionaire!
Temu just tries to be Aliexpress.
It’s hard to feel bad for people who could fall for something so stupid…But I guess people really don’t know better.
Just look at people investing on internet currencies and NFTs.
people truly just don't know better. when you're in a desperate situation with money, any way out looks like the grass on the other side. people simply aren't educated on this stuff to begin with, so it's no wonder they fall for it. you can call it stupidity in hindsight and not having experienced it, but there's far more to it than that.
the people i don't feel bad for are the rich assholes who invest millions in shit like this, not the poor and downtrodden people just looking for a life worth living
this is america we are talking about…
@@Alister22ful True that. I know people like this guy are predatory but at the same time, as consumers and investors it’s up to us to do our due diligence and invest responsibly, in things that make sense. If you’re not financially educated you should not be throwing your money around. Just my opinion and I hope that the population can start using free financial tools online to avoid scams and bad investments
@@dswill3709 Very true, enough said 😂
Black & Decker coffee maker. Seems weird now.
I’m a bit stupid. So if the auction website is somewhat legitimate but kinda worthless because youre unlikely to win, what if you went on the website years later once it had died down and not many people were using it? If the websites almost abandoned wouldn’t that make it much more likely you’d actually be able to buy something?
Many years ago a poor student wanted to make some money from his old worthless klunker of a car. So he proceeded to raffle it off, but a cop informed him that as an individual he couldn't legally sell raffles for money. However, he was told that in lieu of cash he could accept postage stamps for instance. So he did. Turned out he made a killing in stamps, and the outraged winner of the raffle got his stamp back...😅
Postage stamps are basically a currency.
The largest Ponzi scheme is the federal reserve lol
Legend lol
Na that's just a Quant thing
Correct.
Social Security
bro chose facts
The people who fell for it have nothing but their own avarice to blame.
How could you possibly believe they have a legitimate business model by literally selling $100 for $58.
They're probably too drunk or high
It was all after 2008. And many of the victims are people who saw it as a way out of misery. To a better future.
If the owner is jew, it's fraud.
100%
... The video explains. You paid money to bid. That $58 represents 5800 people who have all paid $1 (he says 60c but that was a reduced fee later when they started tanking) to bid.
They weren't selling $100 for $58. They were selling you the chance to get $100 for $58 and earning $5800 doing so.
The auction part is neither the ponzi scheme nor is it the illegal part of their business. Penny auctions are a scam, 100%. But they're not illegal nor are they even a novelty, there's millions of websites using the same model right now.
The auction part of this has really confused this comment section
Same could be said for Bernie’s victims
CryptoPonzis: 'thats cute'
$23000 out of $100?!?! Dang. That’s blatantly false.
Just wondering what do people here think of companies that force their wholesaler/resellers to buy from them a certain amount(usually big) of goods in a month. Is this just a common thing? I have been in contact with some companies, and some companies seems to have this in their contract, smells a lot like a Ponzi scheme.
They're pyramid schemes, but because they have a product, they are allowed by law. Don't do it. The stuff they sell costs way more than you'd pay at Walmart. You will always lose.
No, it's 100% a scam. It's called multi level marketing. Money gets made not by selling the product, but by getting more sales people under you to continually buy more and more stock. Complete scam no matter what company is pushing the model
It’s not a Ponzi scheme, but more likely a Multi-Level Marketing/Pyramid Scheme.
If they're telling you that, in addition to selling the merch you're required to buy, you can make even more money by signing up other people who will be required to buy X amount of goods each month, it's a Ponzi-esque scam called multi-level marketing and you should lose their numbers.
I dont know if its just me when you say ponzi scheme i think charles ponzi
The best way to spot a scam is by just asking how the other person makes their money? There's never a good answer.
I'm not sure why these scammers stay in the USA after getting such sums. I would have emptied that bank account and got a one way ticket to a non extradition country.
Do a video on Carl Ichan
A raid in progress?
Can it be bigger than the fed?
Never even heard of before.
Interesting.
Why do they do it? They have to know Prison is coming. Do they plan on getting out and running before they are exposed but wait too long?
Its not like ebay ?
He sold cash in an auction? Everything about this guy oozes “probably will create a Ponzi scheme” vibes
If you had found this website couldn't you have exploited the fact that no one was using it and bid really low on items no one else was bidding on? Maybe I don't understand how it works
Why is there a kid struggling to count money at 8:00😂
3:27 why would anyone put anything for auction with no profit
The news story is what convinced them.
Your comment about financial distress. That’s what powers the border, getting smuggled to the US can be like 10k dollars in payments to smugglers and bribes - is obviously expensive and hard to acquire but people must believe is super worth it because is still happening. Or someone else is paying and trafficking people because is good business.
Probably looks like a whole network of payments as you bring more people and for a community with its own economy
nope, when think of a "Ponzie Scheme" the first thing i think of is Fiat Currency controlled by the world banks, we could repay it all and still be in debt without more people taking up loans from the banks creating more unpayable interest and debt.
Exactly, a never ending debt cycle.
Interest accounts for future value. It makes sense.
Good lord you have no idea what you're talking about. The dollar being backed by gold was the primary mechanism of the great depression. With today's trade non-fiat currency would tank a nation. Currency has to be inflationary to prevent hoarding and incentivize future production. The debt means nothing when the government is issuing so much of it relative to our gdp and trade activity. You people think it's like a credit card or bank loan as if private investors are going to demand their money back. The "debt" is not held by private investors and completely different rules apply. These policies are insane and pushed by libertarian grifters, every single prosperous economy has moved to "flat" and maintains debt ratios near GDP because it is optimal spending to promote a country's economic growth.
which goes to show you are clueless about psychology and world economics
@Obi Wan Cannabi When I think of ideological idiots I think of you.
With all due respect, this is not a ponzi scheme. They were not hiding anything and with all of the gambling propaganda nowadays this is mild in comparison. Otherwise good mini doc
There's also fintochi
Holy Crap! I didn't know he was a cyborg!
Typical when the ordinary man is harmed no one cares when its rich folk however....
This one was hilarious honestly
I'm dying loling
Shameful and immensely Repulsive behavior
Bernie Madoffs was 10s of billions much larger lol.
They were reffering to the number of victims involved, not the overall wealth stolen.
But I admit, the title is poorly worded.
@@KaiserShield It's not poorly worded.
Well the first name that comes to mind when you think of Ponzi scheme❤ is well ...Ponzi 😮
Bro, enable tipping
Pfff many ads before you even get any information 😵💫
what ads ??? ever hear of "a d b l o c k" ??
Bitcoin had already been pumping for 3 years. Why not invest?
At his release date he will be 79 years old, so he will probably die behind bars!? lol, what!?!? I know people who still work at 79. I think you may have a wrong idea about how old people get these days. :)
His life expectancy is still 77, plus even in a club fed there's lots of stress
Shame on those “journalists”
Reminds me of Quibids.
Post an add once a day. This has a couple of purposes, first, adds from individuals are less likely to be sent to spam folders or lost in add the other corporate adds, so new people are much more likely click on a person's add then a corporate one. Second, If you're doing it every day you feel like you're doing something important and are much more likely think this is legitimate and keep investing more money into something you do every day.
Bruh what are you even talking about the ads are copy and pasted a spam filter by 2012 standards would trivially pick this up
That part is still used today, bigger then ever. Its called "SEO"...
I wonder if he can take over madofs vegetable garden. .... same low sec prison in Arizona they sent chovin
I fucking knew it!!
My mom came to me all excited one day and I kinda broke her heart when I advised against it. Didn’t have any reason to, except that it was obviously bullshit. 🤷🏻
Once again, America delivers the American dream …… to the scammers. Fortune scraped off the bones of your fellow citizens.
what isn't being talked about is how big of a fraud this video's title is
No, it's true if considering the number of people affected (~1 million).
Kradnut pre štat pod hlavičkou štat ne trestne
.65 * 100 = $650 👏🏼👏🏼
Was wondering who would hv already mentioned this......the mazematics is already a ponzi scheme
$65
I think he meant a thousand not hundred.
FOOLS AND THEIR MONEY.
Hecseems half in grave why?
Word to the wise..never invest your money with a Hewb
Friends got .80 on the dollar. Think your misinformed on “pennies on the dollar “
Good title
Yeah. It's called "Elon Musk".
Her winning is cs go rigged streams before it’s time
a ponzi is something else ...
This is no where close to madoff. I think someone is mistaking millions with billions.
He said the amount of victims not the amount of money, Madoff stole more money but Zakaler stole from more people
Amway could not be reached for comment.
This sounds like DealDash.
This feels like that one chinese platform TEMU with how often everybody spams those affiliate links, are rewards people with either actual cash, or crazy generous coupons.
Temu is wish 2.0
They can sell a $100 bill for $52. Then they can sell the $52 for $25! I get it now! Hook me up!
My advice to anyone feeling the heat in this current market. Just trade long term more than ever. If you can then get a professional to trade for you, think that way your assets are more secure
Yes I Agree, I've been talking to Fergus waylen for long now, mostly because I lack the knowledge and energy to deal with these ongoing market circumstances. there are more aspects of the market than the average individual is aware of. Having an investing counselor is now the best line of action, especially for most beginners and those who are close to retiring
I'm surprised you know him too, I've been making a lot of profits investing with him for a few months now.
Just made my first withdrawal last week and I wasn't happy with myself because I was skeptical which made me invest so low meanwhile I'm on my second trade with him and this time I invested in a big way
Absolute maximization of my profits and minimization of my losses has been the order of things with regards to the progress of my trades with Fergus Waylen, he is just too good
If you are not trading with Fergus waylen , then you're really missing out on a big opportunity to take your trades to the next level. You should definitely try him out. You won't regret
This videos titles was very poorly worded to say the least. Bordering on clickbait even.
No it's accurate based on the number of victims.
Scams are more American than Apple pie and heroine.
The name Zeekler even sounds scammy ... people are stooooopid !!!!
Zeekler feels very legitimate to me XD. As legitimate as any lottery ?
If people were sent around pressuring people into buying lotto tickets, and those people promised portions of ticket purchase profits. And actually the lotto company lied to those salesmen and just stole the salesmen's money to distribute to other salesmen. Aka, a Ponzi scheme.
People never change
They always think the have the guy/company/job
"Dude, if it was good, they wouldn't let YOU join in"
"You know I'm a trader but i dont do this thing you're talking about. You think that is a good sign?"
In the end i always tell them these, but no, no use.
This is why i don't actually feel bad for people that lose money like this. I'm sorry but what happened to common sense?!
52c yet near $9 shipping fee and she thinks she won hahahahaha
Crazy
Bernie madoff with all the money
Crypto = biggest Ponzi of all time.
Depends. You can buy stuff with bitcoin and eth....but the rest seem like a circle jerk. Same with pokemon card collecting now
He made off with the money
nice scam
10:17 is that a woman?
💔💔
these stories are hilarious ...........stupid people deserve these outcomes
Another Red Sea Pedestrian scammer!
Wrong, the biggest one is the one from citadels mayo man
Incorrect. See "D" 's comment above. He is correct.
Another "little hat" person.
Every
effing
time.