Chinese police swoop on $7.6 Billion ‘record-breaking online Ponzi scheme’
1–10 of 31 posts
Re: Chinese police swoop on $7.6 Billion ‘record-breaking online Ponzi scheme’
#2Silly question here, why were the account books buried instead of burned? Do the books have any use in future if they never got caught?
Re: Chinese police swoop on $7.6 Billion ‘record-breaking online Ponzi scheme’
#3Silly question here, why were the account books buried instead of burned? Do the books have any use in future if they never got caught?
Why even have records in paper?
Re: Chinese police swoop on $7.6 Billion ‘record-breaking online Ponzi scheme’
#4Re: Chinese police swoop on $7.6 Billion ‘record-breaking online Ponzi scheme’
#5That's a horrible site on mobile... it tries to do some weird app loading thing, wants to consume additional local storage while a percentage counter slowly climbs one percent per second with no content visible.
Better link: http://www.dailymail.co.uk/wires/ap/article-3425972/China-co...
Re: Chinese police swoop on $7.6 Billion ‘record-breaking online Ponzi scheme’
#6Silly question here, why were the account books buried instead of burned? Do the books have any use in future if they never got caught?
Why even have records in paper?
You can't run a ponzi scheme without records the accounting skills needed to run one successfully are probably greater than the ones needed to manage an actual investment fund.
Re: Chinese police swoop on $7.6 Billion ‘record-breaking online Ponzi scheme’
#7Earlier quoted context omitted.
Why even have records in paper?
You can't run a ponzi scheme without records the accounting skills needed to run one successfully are probably greater than the ones needed to manage an actual investment fund.
Actually, you don't need anything more than basic bookkeeping skills. What surprises me is that it is an online ponzi scheme and yet they maintain records on paper. This does not add up.
Re: Chinese police swoop on $7.6 Billion ‘record-breaking online Ponzi scheme’
#8Social Security is up to $1.3 trillion per year, so $7.6 billion isn't quite the record for a Ponzi scheme.
Re: Chinese police swoop on $7.6 Billion ‘record-breaking online Ponzi scheme’
#9That's a horrible site on mobile... it tries to do some weird app loading thing, wants to consume additional local storage while a percentage counter slowly climbs one percent per second with no content visible. Better link: http://www.dailymail.co.uk/wires/ap/article-3425972/China-co...
Or, with less tabloid sidebar (now with 100 less celebrity gossip boxes): https://www.washingtonpost.com/world/asia_pacific/china-comp...
Re: Chinese police swoop on $7.6 Billion ‘record-breaking online Ponzi scheme’
#10Silly question here, why were the account books buried instead of burned? Do the books have any use in future if they never got caught?
Why even have records in paper?
Paper records aren't subject to remote access exploits by police or hackers. If you're running an illegal scheme in a surveillance state, it starts to seem like a reasonable decision.