Since I consider myself a news junkie, one of my passions is reading the CNN Headline articles. These headlines are part of the sidebar on my personal computer so whenever I am at the computer, I scan the headlines for new and interesting stories. Last evening, I almost could not believe my eyes. Another story about a billionaire who allegedly bilked investors and others out of billions of dollars in what is called an alleged "Ponzi" scheme.
Last summer, I had the opportunity to become intimately aware of Ponzi schemes and their impact on everyday ordinary people like you and me. Named after one of the greatest swindlers in American history, Charles Ponzi, a Ponzi scheme is typically a fraudulent investment scheme during which high rates of return are paid to original investments from the funds of later investors. These types of schemes typically have a short life span because more and more investors are required to keep paying the earlier investors. Often, these schemes are interrupted by legal authorities and the later investors are the biggest losers.
In recent months, there have been two major stories broken about alleged Ponzi schemes that have defrauded investors out of billions for long periods of time up to thirty or forty years. Many are surprised at the sophistication of such schemes that would allow them to continue for such a length of time.
As I said earlier, last summer I became very familiar with Ponzi schemes, their operations and the impact on individuals and families. During a highly publicized federal trial held here in Minneapolis, I was chosen as one of the jurors. I was seated on the jury and at the end of the trial, I was one of twelve men and women who decided the guilt or innocence of the defendant on each of 21 federal charges.
Upon hearing the testimony of each of the witnesses, one began to wonder how anyone could be so gullible as to believe the promises that were being made in return for investments of up to one million dollars. A basic tenet certainly held true in the case I heard. "If it sounds too good to be true, it probably is [too good to be true]!" The question I have for all of these schemes is "how can all of the people working for these individuals not know that something is wrong or illegal with what is taking place?" In our court case, the main perpetrator whose case was dealt with in another jurisdiction had accountants on staff and office staff who took care of mailing out the checks which represented a fraudulent return. There are a couple of possibilities - either they were brainwashed or blackmailed.
The Book of Ecclesiastes says "there is nothing new under the sun" [Ecclesiastes 1:9c]. As long as there are people concerned about their future or struggling to make it, there will be people who come along and promise them things that are "too good to be true". Smooth talking men and women have an ability to con well-meaning individuals out of their life savings or retirement funds. Psalm 62:10 offers an admonition who would obtain another's property or money via dishonest means. "Do not trust in extortion or take pride in stolen goods; though your riches increase, do not set your heart on them."
Not only is there nothing new under the sun, in our day there are new scams arising daily to allow a select few to "get rich quick" at the expense of someone who may be unemployed or otherwise misfortunate. Recently, I responded to a job posting and less than 24 hours later, I was being inudated with emails from different people advertising different jobs for which you might obtain more information by sending money somewhere or ordering a discount package that will show you how to make more money "than you ever could have imagined?" I wonder how many of those are scams!
It is my prayer that you or I will never fall victim to one of these schemes. Join me in praying for the guidance, strength and direction to walk the path on which we will not be held captive to deceit nor will we see fit to deceive others as part of our own scheme to "get rich quick." God grant these things for Jesus' sake. Amen.
~ DB Turnmire
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