Enough knowledge here, he wrote on his Facebook handle:
Most Ponzi schems didn’t start out as Ponzi
This is how they most likely start out or get into that trap;
So an individual business man/woman starts out in business needing just N10,000,000
He/she tries to get funding from financial institutions and other sources to no avail
So they learn of an opportunity called OPM - other people’s money
Remember, they needed just 10 million, so they go on a marketing drive to get 10 individuals to give them 1 million each a 10% interest
Then the first 3 persons give them 3 million, then 7 persons and then 10 persons.
They pay these people their ROI and everyone is happy, these people go out and tell more people.
But this is where it becomes tricky - they refuse to stop collecting monies.
They collect 10million, then 20m, 50m, 100m, and 1b and so forth and so on, because the rain of money never stops and free money feels good
You haven’t developed enough capacity to manage 10m and then suddenly have access to 10 billion, what do you think will happen to such person?
The brain is such a tricky and powerful tool, it starts telling and showing you beautiful things and how you deserve to live a little and indulge in the beautiful things of life
You buy a car of 10m, then a house of 100m, buy more cars for your numerous babes, more houses, you start chilling with the big boys
At this time, you no longer do the business that started you out on this path anymore
You attend all the big and important functions, and always sits at the highest tables
No financial intelligence, no management skills, no accountability, no nothing, you are just a big man/man chasing clout
You didn’t use this opportunity to better yourself, gain education, get mentorship, solidify your place in business and get professionals to help manage the businesses you have built
You take monies from a few people and pay others, throw cash around and and post motivational quotes around and get more believers to join the charade
Then something happens, that causes a rush and panic in the system, people start spreading rumors and wanting to withdraw their investment
You start panicking and trying to calm minds, but it’s too late because you really don’t have anything concrete to say, remember you aren’t even doing any real business
You try to manage the situation, men lie, women lie, but numbers don’t lie, there’s no money to pay anyone
So you panic, you didn’t even know that you had sucked the accounts dry after all you weren’t answerable to anyone, no accountants, no auditors.
So you start planning your escape and thats how you destroy your name and family name forever
Imagine what your kids will grow up to read about their father/mother, all because of your greed and financial recklessness
May we learn to build and believe that those who follow the right process are not fools.
Selah
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