Dec 23, 2008

The Original Ponzi Explained

I read cnn.com regularly, almost everyday and the sensational $50 billion Madoff investment scam had definitely attracted my attention. I had always wondered about who the original Ponzi scheme perpetrator was or how that name came about for that type of fraud.

Only I had been lazy enough that I never bothered to type those few letters into google or wiki and find out for myself. Thankfully, cnn.com ran an article on the original scheme. Once I was done reading that article I got interested in the victims of this fraud, who might have earned some but then eventually lost quite a bit or all of their investment, by the time 2009 arrives.
While glancing through the list, I did a double take when I came across one name : .an individual investor named "Ira Roth".

On my first glance I assumed it was somebody's ROTH IRA investment, but upon reading again I was amazed to see that somebody's name happens to be the same as a tax free retirement vehicle. Granted, Roth does derive its name from a Senator Roth (source), but still it sure was fun to see someone with a first name IRA and last name ROTH.
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