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Understanding a Ponzi Scheme: Victims’ Perspectives

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dc.contributor.author Wilkins, Anne
dc.contributor.author Acuff, William
dc.contributor.author Hermanson, Dana
dc.date.accessioned 2019-09-17T15:12:44Z
dc.date.available 2019-09-17T15:12:44Z
dc.date.issued 2012
dc.identifier.citation Wilkins, Anne; Acuff, William; Hermanson, Dana. (2012). Understanding a Ponzi Scheme: Victims’ Perspectives. Journal of Forensic & Investigative Accounting: 4(1), 19 pgs. en_US
dc.identifier.uri http://web.nacva.com/JFIA/Issues/JFIA-2012-1_1.pdf
dc.identifier.uri http://hdl.handle.net/20.500.11990/1565
dc.description.abstract Ponzi schemes have received significant media coverage lately, due in large part to the Bernard Madoff scandal; however, there is limited academic research exploring investors’ decision-making processes when investing in what ultimately is discovered to be a Ponzi scheme. We conducted semi-structured interviews of 17 investors in a Ponzi scheme to better understand the investors’ decision-making processes, their perceptions of the fraud, and the mechanics of the fraud. Overall, the interviews reveal a fraud with the following characteristics: (a) older, educated victims; (b) a plausible story that traveled by word of mouth among people who knew each other well; (c) demonstrated returns over several months (people often watched others get checks for a few months before investing themselves); (d) low pressure (no urgency to invest); and (e) a “good guy” promoter who did charitable works. We discuss avenues for future research. (Author Abstract) en_US
dc.language.iso en_US en_US
dc.publisher Journal of Forensic & Investigative Accounting en_US
dc.subject Interview Results en_US
dc.subject Decision-making en_US
dc.subject Investment Schemes en_US
dc.subject Fraud en_US
dc.subject Scams en_US
dc.subject Financial Victimization en_US
dc.subject Financial Crime en_US
dc.subject Economic Crimes en_US
dc.subject Community Perceptions en_US
dc.subject Demographics en_US
dc.subject Victim en_US
dc.subject Older Adults en_US
dc.subject Credibility en_US
dc.subject Relationship Building en_US
dc.subject Impact en_US
dc.subject Financial Consequences en_US
dc.subject Emotional Burden en_US
dc.subject Psychological Consequences en_US
dc.subject Guilt en_US
dc.subject Financial Loss en_US
dc.subject Monetary Loss en_US
dc.subject Shame en_US
dc.subject Secondary Victimization en_US
dc.subject Triggering en_US
dc.subject Financial Recovery en_US
dc.subject Social Cohesion en_US
dc.subject Social Support en_US
dc.subject Relatives en_US
dc.subject Friends en_US
dc.title Understanding a Ponzi Scheme: Victims’ Perspectives en_US
dc.type Article en_US


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