Dr. Godwin Ehigiamusoe shows why greed is not the only trigger for those who fall victim of Ponzi Schemers especially in hard times. And how potential victims can be assisted.
I am of the sense that ‘desperate’ potential victims of ponzi schemes should be saved from themselves
While several people are agonizing over huge losses to Ponzi schemes that have gone burst ; the brood of these viper-scammers is expanding and surprisingly with many ready patrons/investors.
On popular morning shows on radio , you hear them, usually smooth and fast talking about ‘financial freedom ‘ and ‘multiple income streams’ . They invite unsuspecting listeners to ‘life changing seminars’. They give out contact telephone numbers with active support of excited radio anchors
At the airport they audaciously approach you with ‘farming ‘ proposal which you only need to ‘invest’ in , and reap interest at mouth watering rates.
“Thirty percent in six months. If you invest bigger amount you can earn more,” they would tell you smiling.
I once cornered one and wanted to know which agricultural enterprise could bring more that 15% even in a year. The well-dressed lady looked vacantly as she was clueless.
“This is Ponzi scheme” was my loud verdict to her and she meekly walked away.
In places of worship, the scammers are in abundance telling unsuspecting (greed prone) members that their ‘breakthrough’ has finally arrived! That they usually and frequently ‘sow’ heavy ‘seeds.
They are left to operate freely.
Why do people still fall for these schemes?
Greed you may say. Greed of the ‘operators’ and of their victims.
It equally has some psychological explanations. In difficult times as these, people are desperate to escape from grinding poverty. They turn to any chance of getting abundance they cannot normally achieve.
This explains why almost every house has a betting office now in our cities, just as the low income and lower middle class are more of victims of Ponzi schemes.
I am of the sense that ‘desperate’ potential victims should be saved from themselves by the following:
- Relevant agencies nipping any Ponzi scheme in the bud before they claim more victims
- Mass media especially, radio houses, to be discreet in providing airtime to persons or organizations promoting any scheme or money-related initiative
- Relevant government agencies to provide telephone contacts and
- Citizens to provide an alert on any emerging Ponzi scheme.
We must all act to hold back desperate potential victims from harming themselves.
Dr. Godwin Ehigiamusoe is the founder of LAPO, facilitating access to opportunities for the low income group.
Ponzi schemers and these hard times