ColdFusion - The Largest Ponzi Schemes in History

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Starting point is 00:00:58 This video was brought to you by Raycon. Hi, welcome to another episode of Coldfusion. We've all seen and read reports of Ponzi scheme scandals getting exposed. The details always talk about a significant number of people who have lost their savings in these schemes. But even after investigations, arrests and sentences, new scammers will pop up and keep doing the same thing over and over again. But what exactly is a Ponty scheme and what are the signs to look out for and how can you protect yourself? and what are the biggest Ponzi schemes of all time? You might be surprised to find out that the US government

Starting point is 00:01:40 might be running the biggest Ponzi scheme in history, according to some economists. So stay tuned till the end of the episode to learn about that one. Let's get into it. So first of all, what is a Ponzi scheme? A Ponzi scheme is an investment fraud. The scheme promises high and sometimes quick returns, but in reality it's just paying off existing investors with funds collected from new investors

Starting point is 00:02:11 who have also been fooled, fooled by the promise of a quick buck. Ponzi schemes use money from their new investors to pay off old investors while taking a cut for themselves. Since there is no money being earned by selling a product or a service, Ponzi schemes require a constant flow of new money to sustain. Not surprisingly, after a time it becomes increasingly harder to find new investors. And when they're going to be able to find new investors, And when that happens, the scheme fails. A Ponzi scheme is not to be confused with a pyramid scheme. A pyramid scheme requires recruitment to bring in more people to increase their returns.

Starting point is 00:02:50 A Ponzi scheme may or may not need that. For example, a Ponzi scheme would be something like BitConnect, a fake cryptocurrency that promised huge returns from a mysterious AI trading algorithm. But in reality, it used money from old investors to pay off new investors. And let me tell you that we are really changing the world as we know it. The world is not anymore the way it used to be. No, no, no. BeConnect!

Starting point is 00:03:19 Thousands of victims swindled out of more than $2 billion may be receiving some justice after one of the leaders of a crypto scheme pleaded guilty. This is believed to be the biggest cryptocurrency fraud ever charged criminal. He says this scam run through a crypto lending program called BitConnect is believed to have swindled thousands of people around the world out of more than $2 billion worth of Bitcoin. They claimed that if you traded your Bitcoin for their currency, cryptocurrency called the BitConnect coin, that a trading bot would make sure that you didn't lose any money. Also offering investors returns as high as 40% per month. Two and five Canadians will hear the words you have cancer.

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Starting point is 00:04:35 like the Rosenmando blackout curtains in gray. They say you can't put a price on sleep, but we did for the low-law. price of $499. Why are you in my room? Shhh, you have a big exam tomorrow. Shop back to school at IKEA. Hmm, mm-hmm, mm-hmm, mm-hmm.

Starting point is 00:04:59 The prosecutors say BitConnect actually operated like a Ponzi scheme, using investor funds to repay other BitConnect investors. A pyramid scheme, on the other hand, relies heavily on recruiting, so something like Metabolife, where members would sell supplements and take a cut of the same. and take a cut of the sales of those who they recruited, forming a pyramid. Now, have you ever wondered why an unusual word like Ponzi is associated with financial fraud? Its name is as such, because it's named after a man named Charles Ponzi. So who was Charles Ponzi?

Starting point is 00:05:35 Charles Ponzi was a swindler, known for starting a scheme of this kind in 1920 in Boston. Charles Ponzi was born in 1882 in Italy. As a young boy, he kept stealing from the church so much that his family got sick of him and deported him to America in 1903. Charles worked in a restaurant as a waiter, but continually short-changed the customers, keeping the difference, so he was fired. In 1907, he moved to Canada and because of his skills with numbers, he got employed at a bank. Here, he would forge the signatures of clients and cashed their checks. He was caught and spent three years in prison. After his release, Charles went back to the US and started up a scheme to smuggle Italian immigrants

Starting point is 00:06:18 from Canada to the US. Again, he was caught and jailed for two years. This time when he got out, he went to Boston and in November of 1919 he came across the idea for his grand scheme. Supposedly, this was achieved by buying discounted postal reply coupons in other countries and redeeming them at face value in the US where the currency was much stronger. He promised clients a 50% profit within 45 days or 100% profit within 90 days. In 1907, an international postal Congress had agreed to issue postal reply coupons throughout the world.

Starting point is 00:06:58 The bearers could redeem these international coupons for postage stamps in their local country. This was to address a real problem. Immigrants who came to America could afford to buy stamps. relatives who stayed home could not. So this was a way to allow relatives back home to write back to the family in America. If you went to a European post office with American dollars and bought postal reply coupons and then brought them to this country and cashed them in, you got U.S. postage many times more valuable than the U.S. money you spent for them.

Starting point is 00:07:34 And this was the premise. Ponzi believed that for every dollar of postal reply coupons purchased, he could earn $5 when he redeemed them for stamps. With a 400% profit from these initial purchases, Ponzi would buy additional coupons and redeem them for even more money. It seemed to be a proposition that couldn't lose. The only issue with this plan... Two and five Canadians will hear the words, you have cancer. That's why every step and dollar raised matters. On September 19th, joined thousands in Toronto for the press. Princess Margaret Cancer Foundation Walk.

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Starting point is 00:08:54 Luxury sales claim based on S&P Global Mobility Canadian New Vehicle Total Registrations for calendar year 2025 for the Cadillac definition of luxury. And was that Ponzi would need to employ people to line up and collect coupons and stamps, gather them up and ship them overseas. So this would probably cost more than the money generated from the scheme itself. So, Charles Ponzi decided to buy no coupon stamps at all and just tell people that the scheme would make them rich. Double your money in three months. America was booming in 1920, so people were all looking for a quick way to get rich. Wild financial speculation was all the rage, so Ponzi fit right in. He was charismatic and had a gift for talking, so everyone

Starting point is 00:09:34 wanted a piece of the pie, and word quickly spread around. Some people would take out their life savings from a bank to invest with Ponzi. But the thing was, Ponzi would actually pay back investors as promised, so the whole thing seemed legitimate and people went crazy. By March of 1920, investors had thrown in $400,000, but Ponzi owed them $600,000 because of the promises of his scheme. Most people trusted him so much that they kept their money in so they could earn even more. Because of this, Charles could always make the payments when they came due.

Starting point is 00:10:07 Two months later in May, investors had thrown in 1.6 million, and by July, this had swelled to 41 million, but at this stage, Charles owed 55 million, and that was the problem. The more money Charles Ponzi received, the more in debt he was. If he promised to double everyone's money, he would just be owing more and more. All of this didn't matter, though, as long as everyone didn't want their money out at once. Soon, Ponzi was averaging $3.4 million a day. He bought himself a $7 million home with a heated pool and air conditioning, absolutely unheard of in 1920. He bought the very same shipping firm when he smuggled Italian immigrants just so he could fire his old boss.

Starting point is 00:10:55 Just six months ago, he was broke, but now he could have anything he wanted. Massive crowds were growing outside of Ponzi's office and officials got suspicious. Police were called in to investigate, but after they talked to Charles Ponzi, two of the three officers ended up investing. In fact, a quarter of Boston's police force were investing with Charles Ponzi. On the 26th of July, a Boston newspaper ran the first critical story of Ponzi. It stated, if Ponzi could make 300% profit for his investors, why does he put his money in the bank where it would only make him two or three percent? Why not just invest all the money with himself? It was a good point.

Starting point is 00:11:35 And another article stated that the numbers didn't add up. There would have to be 160 million of these coupons circulating to amass such profits, but in reality there's only about 27,000 of these in the world, and there was also no reports of massive purchases of coupons. When these news articles broke, there was a massive panic. A riot ensued at Ponzi's office. $27 million were withdrawn in two days, but... Two and five Canadians will hear the words, you have cancer.

Starting point is 00:12:05 That's why every step and dollar raised matters. On September 19th, join thousands in Toronto for the Princess Margaret Cancer Foundation walk. Challenge yourself, friends, and family to walk 21 kilometers in support of life-saving research. Together, we can carry the fire and help create a world free from the fear of cancer. Register today at pmcf walk.ca.ca. When WestJet first took flight in 1996, the vibes were a bit different. People thought denim on denim was peak fashion, inline skates were everywhere, and two out of three women rocked, the Rachel.

Starting point is 00:12:40 While those things stayed in the 90s, one thing that hasn't is that fuzzy feeling you get when WestJet welcomes you on board. Here's to WestJetting since 96. Travel back in time with us and actually travel with us at westjet.com slash 30 years. Ponzi could afford to pay everyone back and he did it with a smile while serving people coffee and donuts as they lined up. Nerves were calmed and people actually reinvested. But it wouldn't last. Government regulators and more bad press came Ponzi's way, the latter of which stated he was completely bankrupt. It started another panic and a rush for people to get all of their money out.

Starting point is 00:13:20 Over $200 million had been invested, but Ponzi was shot. short $110 million, everyone tried to get their money out at once and he couldn't pay. By August of 1920, he was all over. Ponzi was indicted on 86 counts of fraud and many investors lost everything. It was a massive lesson for them and us to never just follow the crowd and always do your research before investing. Even though Charles Ponzi got convicted and jailed for his deceit, it did not deter others from coming up with such schemes. So why do people keep falling for it? Almost everyone wants to earn easy money and get rich.

Starting point is 00:14:03 In the real world, this usually means that you need to work hard for it, but it's a human tendency to look for shortcuts. But taking shortcuts often leads to trouble, as is with the case with Ponzi schemes. But it's not necessarily greed that attracts people towards them. Ponzi schemes are designed in such a way that they appear legitimate. Investors may genuinely see it as a promising avenue for investment. Later on in the episode, we'll take a look at some warning signs to watch out for

Starting point is 00:14:31 when deciding if an investment is a Ponzi scheme or not. The organizers of this kind of fraud usually target those who have spare money or those who need money. Both are looking for quick and high returns. Usually, the unemployed or those coming from a financially weak background fall prey to these schemes. Essentially, it all boils down to how convincingly the Ponzi organizer can fabricate a story, a story of quick and assured success, playing on the ambitions, dreams, financial situation and financial literacy of people. Emotions can often overthrow logic, so people end up believing that they're being helped when they're actually being conned. So let's take a look at five of the biggest Ponzi schemes in history.

Starting point is 00:15:18 Number one, the $593 million fraud by a minister of Scientology, Reed Slacken. Reid Slatkin would start his scheme in 1986. He would get people, including some very high-profile names, and many other Scientologists, to invest in what was an unlicensed, quote, investment club. He would pay out large sums of money to investors, claiming that his investments were working. But again, in reality, he was just doing that old method of using new investor funds to pay off the old investors. He scanned around 800 investors for more than $593 million across 50%. Two and five Canadians will hear the words you have cancer.

Starting point is 00:16:00 That's why every step and dollar raised matters. On September 19th, join thousands in Toronto for the Princess Margaret Cancer Foundation Walk. Challenge yourself, friends, and family to walk 21 kilometers in support of life-saving research. Together, we can carry the fire and help create a world free from the fear of cancer. Register today at pmcf walk.ca. 15 years before being caught, he admitted to fraud in 2002 and was jailed for 14 years. Number two, the $1.2 billion fraud by Scott Rothstein. Scott Rothstein started inviting investors into his Ponzi scheme.

Starting point is 00:16:42 He claimed to purchase highly confidential legal settlements using his law firm. Rothstein's legal specialty is suing for sexual harassment. A down and dirty game where defendants pay big money to settle lawsuits quickly and quietly. Those are usually paid out over a long period of time. Rothstein used wealthy investors to pay his clients up front, promising the investors a big return on their money over time. In some cases, it was a promise of more than 200 percent. I was shown what a confidential settlement agreement looked like,

Starting point is 00:17:18 and it had all the information was blacked, was blacked out. It had the name of the plaintiff, the name of defendant was blacked out, the attorney was blacked out. Everyone was blacked out. He wanted me to invest in something that couldn't be verified. I didn't even know if it was real. In fact, I didn't even think it was real. The idea is a bonanza attracting big money players like a modern day gold rush. We three kings be stealing the gold. Scott ran with movie stars, rock stars, Kid Rock, Pam Anderson, athletes, superstars, Dan Marino, Alonzo Morning, Sarah Palin. There was pictures in his office of him shaking hands with Jeb Bush and George Bush.

Starting point is 00:17:59 From forging documents with Judge's signatures to making corrupt law enforcement officers to do his bidding, Scott often went to great lengths to sustain his fraud. People in the community were always asking, how are they growing so fast? Where's that money come from? And I would always say, I don't know, but not from the practice of law. We were offered 207% return and I wanted to see how much money you need to invest to get rich. I calculated if you keep in $150,000 for 13 years, that $150,000 turns into $21 trillion. That's enough to pay off the entire deficit of the United States and have more money beside.

Starting point is 00:18:41 He started off with hundreds of thousands of dollars. He had to return millions, then tens of millions, then hundreds of millions. And so it had a collapse. There was no way to go forward. He ran out of funds to pay investors by early 2009. He raised an extra $100 million investment, but that still wasn't enough to keep the scheme afloat. When he knew his time was up, he fled to Morocco, but soon returned to the US and was arrested at that point. Temper's flair.

Starting point is 00:19:07 It's a wrestling match of sorts outside of Florida courtroom. This after Scott Rothstein, who has ties to Rhode Island, pleads guilty to a billion-dollar Ponzi scheme. He pled guilty in court and was sentenced to 50 years in jail in 2010. Number three, the three point. Two and five Canadians will hear the words, you have cancer. That's why every step and dollar raised matters. On September 19th, join thousands in Toronto for the Princess Margaret Cancer Foundation walk. Challenge yourself, friends, and family to walk 21 kilometers in support of life-saving research.

Starting point is 00:19:46 Together, we can carry the fire and help. help create a world free from the fear of cancer. Register today at pmcf walk.ca.ca. Visit BetMGM Casino and check out the newest exclusive. The Price is Right Fortune Pick. BetMGM and Game Sense remind you to play responsibly. 19 plus to wager. Ontario only.

Starting point is 00:20:08 Please play responsibly. If you have questions or concerns about your gambling or someone close to you, please contact Connects Ontario at 1-866-531-2600 to speak to an advisor. Free of charge. that MGM operates pursuant to an operating agreement with Eye Gaming Ontario. $7 billion fraud by Tom Petters. Businessman Thomas J. Petters was convicted of mail fraud, wire fraud, money laundering and conspiracy for the operation of a $3.7 billion Ponzi scheme.

Starting point is 00:20:38 Thomas convinced investors that by putting money into his organization, they would fund the purchase of retail merchandise that would then be sold to discount retailers for a profit. However, no such investments were ever made. The funds were diverted for other purposes, such as paying off those who helped organize the fraud, and also financing Scott's extravagant lifestyle. This is how Petters was able to manage his scheme at PCI. First, you need to ask yourself how to store such as Walmart, Costco, Best Buy, and other big box retailers sell merchandise so cheaply.

Starting point is 00:21:13 One answer is found in a little-known industry known as diverting, supply chain management. In today's market, many retailers do not like to keep a large inventory. Instead, they buy products as they have a need to sell. This concept is called just in time retailing. To keep their prices down, they reach out to a middleman. Petters was a master diverter. Here is how his program worked. First, he brought on board investors to finance the deals. Their money was put in a lockbox account for safekeeping. The money was then funneled through a business called nationwide where they would buy merchandise from close-outs or stores going out of business in bulk for low prices. Eventually they were able to buy large

Starting point is 00:21:58 lots of inventory directly from the manufacturer. Next the merchandise was shipped to a warehouse where it was held until a deal could be made where it would be sold at a higher price to a retailer. The retailers would still save money by not having to maintain such large inventories. Ultimately the money from the investment would go back to nationwide where they would take their cut and the investors' money would be put back into the lockbox where they would get their return on their investment. This was a very lucrative deal for everyone involved. The problem was at some point Petters stopped buying merchandise. The warehouses were empty and nothing was being sold.

Starting point is 00:22:42 All the returns investors were making were coming from the new investors with Petters taking a cut off the top for himself. The scam was reported to the authorities by one of his co-conspirators in 2008, and he was arrested soon afterwards. He was convicted in December of 2009 and was sentenced to 50 years in prison. Number four, the $7 billion fraud by R. Allen Stanford. Alan Stanford was among the wealthiest men in the U.S. He built the lavish lifestyle from banking and smooth talk. But his slick sales pitch turned out to be alive.

Starting point is 00:23:19 Stanford ran one of the biggest Ponzi schemes in American history. That is until his House of Cards collapsed. R. Allen Stanford, the chairman of Stanford Financial Group, orchestrated a $7 billion fraud by selling certificates of deposits via his company's offshore bank in Antigua. He cheated 30,000 investors from a few dozen countries and pocketed some of the proceeds. He used the money to gamble in business ventures, acquire dubious real estate deals, and even on cricket tournament. He got a little bit friendly with the players' wives and girlfriends.

Starting point is 00:23:54 We can see some pictures of this. The English players not particularly pleased. That's Matt Pryor's wife sitting on his knee. And there was just a little bit of disquired amongst the England players when they saw the behaviour of St. Alan Stanford with their various wives and girlfriends. The Daily Mail has picked up on this and has that very picture with the England players fury at Stanford's antics with their. The wags turning into an ego-fueled farce, saying that players were gobsmacked.

Starting point is 00:24:23 Is it fun being a billionaire? Well, yes. Yes, yes, I have to say it is fun being a billionaire. But it's hard work. But as they say, behind every great fortune is a great crime. Certificates of deposit were Stanford's bread and butter. They were like buying a savings bond, and customers thought they were insured. Stanford became a catchphrase for safe.

Starting point is 00:24:49 So what he did was he went out and sold certificates of deposit to investors. They bought them, he would pay them interest. And he paid the interest from the new investors. Banks are supposed to take certificate of deposit money and put it in safe investments, getting a small return, which they then used to pay their investors. Providing investors with a solid return on their investment. Stanford didn't do that. He used new investors' money to pay the interest to the old investors.

Starting point is 00:25:19 In other words, a classic Ponzi scheme. So a classic, no real underlying investment that's making money. And what he did in the meantime was take money out of the bank and spend it on his lifestyle. Stanford promised approximately 3% higher returns than similar investments sold by other banks, a profit that made Alan Stanford certificates of deposit attractive to investors. Stanford said he could promise those higher returns because his bank was run smarter and more efficiently than other banks. Employees were not supposed to ask too many questions about where the money was invested.

Starting point is 00:25:55 People say, how in the world has this business of years grown, Alan? I say, well, simply because we do things differently, many times we do them the way they used to do them 20 years ago. But at least one employee, Charles Haslett, did start asking questions. It doesn't mean we don't use technology. In fact, every time I brought up anything in meetings, everybody was looking at, looked at me very shocked. But do you think people didn't ask questions because the money kept flowing? Sure, a blind ignorance.

Starting point is 00:26:18 Very fancy. I didn't see any substance. I talked to the manager of the bank. He didn't seem to know a lot about banking in general. On being arrested, Stanford denied all 14 allegations. In March 2011, he was convicted on 13 of 14 counts and was sentenced to 11 years in prison. And a U.S. judge called Alan Stanford's operation one of the most egregious criminal frauds ever presented to a trial jury in federal court. His arrest meant the end of almost two decades of illegal financial activity.

Starting point is 00:26:53 Number five. The $20 billion fraud by Bernie Madoff. Bernie Madoff was the organizer of the largest realized Ponzi scheme in history. As former chairman of the NASDAQ stock market and his squeaky clean image of an investment guru, he attracted several, high-profile clients such as film director Stephen Spielberg. But his fraudulent investments were exposed in 2008. His Ponzi scheme wiped out people's fortunes and more than 15,400 claims were filed against him. He became so hated that he had to wear a bulletproof vest to court.

Starting point is 00:27:26 In March of 2009, Madoff pled guilty to the charges and the courts stripped him and his wife of their wealth. He was sentenced to jail for 150 years, where he passed away in April of 2021. If you want to see the full story on Bernie Madoff, you can check out the Cold Fusion episode on him. Okay, I said I'd say five, but here's a bonus one. Number six, the entire US Federal Reserve System. According to some economists, the entire US Federal Reserve System is a Ponzi scheme. Here's the oversimplified version.

Starting point is 00:27:58 The United States has a huge national debt which is owed to foreign countries such as China and Japan. These countries and other investors loaned the US government money in exchange for a a stable return. These debts are short-term debts, so the US government has to pay back these investors trillions yearly. Currently, the United States can't pay because they don't produce and export enough goods to support their spending. So, whenever the debt expires, the government either creates more money through the Federal Reserve or borrows more money from new investors to pay off the old debt. In essence, they're borrowing money from new investors to pay off the old investors, just like Bernie Madoff. In fact, in jail, Bernie Madoff even said the US government is

Starting point is 00:28:43 running the biggest Ponzi scheme on earth, and he would know a Ponzi scheme if he sees one. He's not the only one, though. Michael Snyder wrote, The Fed is the biggest Ponzi scheme in the history of the world, and if the American people truly understood how it really works, they would be screaming for it to be abolished immediately. And Michael Lombard stated, quote, Right now, we are seeing the government hoping investors would keep reinvesting in US bonds while the Fed picks up the slack. But what happens if they say, we want our money back?

Starting point is 00:29:14 It would make Madoff's Ponzi scheme look like a joke. So, you can take that for what you will. So in wrapping up, what are the signs to watch out for to avoid Ponzi schemes? To avoid falling victim, people should always watch out for returns that seem too good to be true. A promise of high returns with minimal risk is a sure red flag. such investments just don't exist. Usually with high returns you should see high risk. Another red flag could be the consistency of returns. Investments are linked to market

Starting point is 00:29:52 conditions and that should affect the returns that they bring. If a scheme promises consistent high returns without being affected by market conditions there's a good chance that it could be a Ponzi scheme. As technology evolves there's going to be new forms of the same old trick, fake cryptocurrency of a new flavour for the decade so far, and the reason being is that they're poorly understood by many. Very recently, some large YouTubers had taken part in a scam called Save the Children Coin, a coin which promised to help kids in need, but also was promised to go up in value. The scheme promised to go to the moon.

Starting point is 00:30:27 But in reality, it just crashed. Those who had the knowledge that the whole thing was a scam got out immediately with a bunch of money, and everyone else lost everything. So be careful out there. If you're curious, I want to see more on the Save the Children Coin. The YouTube channel Coffeezilla did a great series on it. Before we continue, I just want to give a quick shout out to today's sponsor, Racon Wireless Earbuds.

Starting point is 00:30:50 Raycon reached out to me to try their wireless earbuds, so I decided to give them a go. I've been using their everyday earbuds for a few weeks now. They fit really well in my ears, and there's a bunch of different tips to suit whatever ear shape you have. I use them when I go on my morning run, and also for calls with their built-in microphone. I didn't have any issues with them coming loose or falling out of my ears at all.

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Starting point is 00:31:43 and it can help you to identify a Ponzi scheme. And if not, I hope it was at least entertaining. So I know that you guys love the fraud and scam videos on this channel. So to celebrate, there's a limited release on the merch store. These are exclusive designs that would only be around for a short while. So check it out in the description below. Okay, so that's about it from me. I hope you enjoyed this episode.

Starting point is 00:32:06 My name is DeGogo, and you'll be with you. watching Coldfusion, follow me on Instagram and Twitter, and I'll see you again soon for the next episode. Cheers guys. Have a good one. Two and five Canadians will hear the words, you have cancer. That's why every step and dollar raised matters. On September 19th, join thousands in Toronto for the Princess Margaret Cancer Foundation walk. Challenge yourself, friends and family to walk 21 kilometers in support of life-saving research. Together, we can carry the fire and help create a world free from the fear of cancer.

Starting point is 00:33:09 Register today at pmcfwalk.ca.ca.

ColdFusion - The Largest Ponzi Schemes in History

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