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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]
Common methods used in chain letters include emotionally manipulative stories, get-rich-quick pyramid schemes, and the exploitation of superstition to threaten the recipient. Originally, chain letters were letters sent by mail; today, chain letters are often sent electronically via email , social network sites , and text messages .
The SEC alleges that Zeek Rewards is a $600 million Ponzi scheme affecting 1 million investors, which would be one of the largest Ponzi schemes in history by number of affected investors. A court-appointed receiver estimated that the $600 million amount could be "on the low end" and that the number of investors could be as many as 2 million.
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.
Make Money Fast (stylised as MAKE.MONEY.FAST) is a title of an electronically forwarded chain letter created in 1988 which became so infamous that the term is often used to describe all sorts of chain letters forwarded over the Internet, by e-mail spam, or in Usenet newsgroups.
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.
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.