Newspaper article The Morning Bulletin (Rockhampton, Australia)

Con Artists Never Quit

Newspaper article The Morning Bulletin (Rockhampton, Australia)

Con Artists Never Quit

Article excerpt

YOUR

FINANCES

With Noel Whittaker

DESPITE overwhelming evidence that making easy money is far harder than it sounds, there is still something in the human psyche that encourages the gullible to take risks on the reasoning that C[pounds sterling]this time it's differentC[yen].

The latest Ponzi scheme is called Zeek. You bid one cent for something like an iPad, the next person bids two cents, the third person bids three cents and so on. Once the bidding gets to a realistic market price everybody stops bidding and the final bidder gets the prize. The promoters claim they can make a fortune by collecting all the bids made along the way.

It originated in America last year and has already raised $600 million from more than one million online customers. According to the US Securities and Exchange Commission SEC, who have just closed Zeek, participants were given the impression they were going to make a bonanza from the profits.

But, there were no profits at all Co 98% of money paid out was from new investors. …

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