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He took new money from new investors and used that money to pay old ones. So, there was nothing that was generated. There was no value that was created. Nothing that he did that added value or added money back for investors and that is basically what a Ponzi scheme is.

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    Who said, "When a man knows he is to be hanged in a fortnight, it concentrates his mind wonderfully."?
    A Samuel Johnson
    B Roy Rogers
    C Queen Elizabeth II
    D John Wayne in "The Searchers"