Californian Ponzi scammer/schemer

by patrol

John Heath, a Californian Ponzi scammer, is said to have netted about $190 million through his schemes. Adopting to a pyramid-like scheme, the 81-year-old scammer, has covered half of the U.S., with about 1800 victims. Heath was actually one of the trio who ran the Ponzi scheme that promised very high returns for people who invest in it. The scheme is designed in a such a way that the cash collected from the newly-invested goes to pay off longer-standing investors. A chunk of the money goes to the scammer’s pockets.

Never opt for a Ponzi or Pyramid scheme. You can benefit from such a scheme only if you are one of the early investors. Even then, the scheme will flop in sometime down the line.

(Via Scambusters)

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