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“Truth,” Lies, and Deception in Ponzi and Pyramid Schemes
Abstract
The popularity of alternative online investment platforms has become worrisome in recent times. Adopting explorative methodology, this chapter examines the discursive practices of truth, lies and deception inherent in Ponzi and Pyramid schemes through their method of operation, recruitment strategies, products/services and reward system via Bitconnect, OneCoin, and Zarfund – three online-based Ponzi schemes. The study reveals that the greatest deception of Ponzi schemes lies in the high returns they promise to potential investors and the low work requirement. These claims make it difficult for potential investors to make rational decisions before investing. This study recommends that proper evaluation and due diligence – basic financial literacy – be conducted before investing in any AFIP. Alternatively, expert advice may be sort before any financial commitment.
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