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Ponzi scheme
Definition
(Noun) After Charles/Carlo Ponzi. The 20th-century name for an age-old scam: the first "investors" are paid with the money of those who "invest" later: no investment actually takes place.Usage: Today, perpetrators of Ponzi schemes are jailed, if discovered; at one time, they were hanged, torn limb from limb - or, if very lucky, tarred and feathered.
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