A Million Chinese Taken in by Ponzi Scheme – IOTW Report

A Million Chinese Taken in by Ponzi Scheme

The peer to peer Chinese lender, Ezubao, insinuated it had government connections in order to become one of the biggest online investment platforms in China.

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The company managed to raise the equivalent of $7.6 billion from a million Chinese investors before the whole thing came apart Monday. Authorities arrested its founder and 19 others for running a Ponzi Scheme.

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12 Comments on A Million Chinese Taken in by Ponzi Scheme

  1. Well, since it’s the Financial Times, I can’t get around the popup without it going to another unrelated page.

    So. . .. How does this compare with the Bernie (Feel The Bern!!) Madoff ponzi scandal?

  2. The Bernie Madoff clients were of the “if it’s too good to be true, it probably is” crowd. I can’t muster much sympathy for them.

    I’m of the age now that I’m getting a little something back from the Social Security ponzi scheme. There is a considerable number of people out there that aren’t going to be so lucky.

  3. That’s okay….there’s been millions more taken-in by the American government ponzi since 1913.

    Pretty soon we’ll be paying the banks for the privilege of having them hold our bank deposits – how stupid of us is that?

    It’s called “negative interest rates”.

  4. It’s called the Government reaching into our pockets and stealing the money from us and calling it “negative interest”.
    It’s also called the Øbamboozler pissing on our heads and telling us it’s just raining!
    See also: Greece

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