Charles Ponzi and testimony of the serpent by Fr Kevin Ugwu - ITREALMS

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Robbing Peter to pay Paul:
Any day you hear of "Ponzi scheme", just remember it was named after the Italian-born con artist Charles Ponzi. This was as far back as the 1920s.

Also, anytime you hear of robbing Peter to pay Paul, remember it is the working style of any Ponzi scheme.

If they promise you a 50% return on any amount you invest, if they ever pay you, just know that it is the money of a later investor that was used to pay you.

If you invest in a Ponzi scheme and expect a return with interest, what you are indirectly implying is that you are waiting for when they will take the money of another to pay you. The problem here is that you do not want to know how the next person to whom his or her money was used to pay you will also be paid.

Self-centredness:
For every Ponzi, those who organized it and their so-called victims are the same, only that they operate in different degrees. They are all self-centred, hungry for quick and easy money and they are fueled by greed.

We can argue that some people are not very educated and may not know that it is a Ponzi. But I say, if you invest 1 million naira with the belief to get double of it in two weeks or invest 100k and get 200k in one week and you are excited instead of being suspicious, then, it is not education that is the problem, it is your crude greed manifesting itself because even educated people fall for it.


No pity for Ponzi victims:
So, I do not feel for anyone who has lost money in any Ponzi. You have the craze for quick money which they will get from other people to give you. The one who scammed you also has the craze for quick money which he will get from you and other people. Both of you are the same. One just outsmarted the other.

Aside from all these, there is a lesson for all of us. One thing that drives the Ponzi scheme is testimony. It is the same thing they say in religious parlance: prophecy with instant solution. It is that sort of testimony that removes hard work from you and still promises that you will reap big.

"e dey work" craze:
All they need is for some people to go out and tell others that "e dey work". This testimony will lure others to come and invest. Then, when you come, they will be kind enough to pay you so that you will go out and testify that "it worked for me." This is how they keep expanding until they are ready to also take your own money.

Testimony of the serpent:
Friends, there are some testimonies that should not move you. Once they are devoid of hard work and simple reasoning, avoid them. I know we mostly do things or buy things from reviews or testimonies of others, but some testimonies are just meant to test you with money. 

This is why only greedy people fall big for any Ponzi scheme because they easily allow money to test them.

*Contributed by Fr Kelvin Ugwu MSP, an influential Nigerian Catholic priest on mission in The Gambia. He can be reached via kelvinugwumsp@gmail.com or facebook.