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Have you been a
victim of
a Ponzi Scheme
or
charged with Ponzi
Scheme in West Virginia?
Have your rights in West Virginia
been violated? Have you been falsely accused? We can help.
Contact Us
immediately
for a FREE case evaluation and answers
to your questions Find out
if you have a case in West Virginia and what
to do if you do.
West Virginia Ponzi
Schemes:
Ponzi schemes are a type of illegal pyramid scheme named for Charles Ponzi,
who duped thousands of New England residents into investing in a postage stamp
speculation scheme back in the 1920s. Ponzi thought he could take advantage of
differences between U.S. and foreign currencies used to buy and sell
international mail coupons. Ponzi told investors that he could provide a 40%
return in just 90 days compared with 5% for bank savings accounts. Ponzi was
deluged with funds from investors, taking in $1 million during one three-hour
period—and this was 1921! Though a few early investors were paid off to make the
scheme look legitimate, an investigation found that Ponzi had only purchased
about $30 worth of the international mail coupons.
Decades later, the Ponzi scheme continues to work on the
"rob-Peter-to-pay-Paul" principle, as money from new investors is used to pay
off earlier investors until the whole scheme collapses. For more information,
please read our search key topic on Pyramid Schemes. Did You Know?
- In most cases,
the best way to protect your rights is to hire a West Virginia
attorney?
Got
questions? See what a West Virginia Attorney can do for you. Contact
us immediately
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