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A get-rich-quick scheme is a plan to obtain high rates of return for a small investment. Most schemes create an impression that participants can obtain this high rate of return with little risk, skill, effort, or time. The term "get rich quick" has been used to describe shady investments since at least the early 20th century. [1] [2]
A sucker list is a list of people who have previously fallen for a scam such as a telemarketing fraud, lottery scam, high-yield investment program, get-rich-quick scheme, or work-at-home schemes, or, as used by charities, someone who made a donation. The lists are usually sold to scammers or charities. [1] [2] [3]
On October 22, 1993, the Los Angeles Times reported: [3]. The Federal Trade Commission said David Del Dotto of Modesto and his wife, Yolanda, have settled charges that they deceptively represented features of their "Cash Flow System," a get-rich-quick real estate scheme sold to thousands of consumers on televised infomercials.
Get-rich-quick schemes are extremely varied; these include fake franchises, real estate "sure things", get-rich-quick books, wealth-building seminars, self-help gurus, sure-fire inventions, useless products, chain letters, fortune tellers, quack doctors, miracle pharmaceuticals, foreign exchange fraud, Nigerian money scams, fraudulent treasure hunts, and charms and talismans.
The get-rich-quick schemes the group offered to clients added up to what was essentially one big Ponzi scheme. [3] The club enticed the sons of wealthy families from the Harvard School for Boys (now Harvard-Westlake School; not affiliated with Harvard University) in the Los Angeles area with get-rich-quick schemes.
An ad for a work-at-home scheme posted on a pole. A work-at-home scheme is a get-rich-quick scam in which a victim is lured by an offer to be employed at home, very often doing some simple task in a minimal amount of time with a large amount of income that far exceeds the market rate for the type of work.
Upon his release from prison after serving a four-year sentence, Tausend began promoting his next "get-rich-quick" scheme. He was arrested again in 1937 and sentenced to prison in 1938 for check and money fraud. He died in prison at Schwäbisch Hall on July 9, 1942.
The movie is based on the experiences of Nigerians during the 2016 MMM online scheme which promised 30% returns on investment. The scheme inadvertently crashed and put subscribers in distress. In an interview, the movie’s producer, said the project was aimed at sensitising Nigerians to avoid get-rich-quick schemes. [3]