How to Spot a Ponzi Scheme: What We Can Learn from Bernie Madoff
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You probably remember the Bernie Madoff saga: His famous Ponzi scheme destroyed the life savings of hundreds of investors and completely fooled supposedly sophisticated money managers.
Billions vanished into thin air.
So, how do smart people end up in these situations? More to the point, how can you avoid being the victim of a scam?
There are red flags that you should recognize, and in today’s podcast we’re going to talk about them.
As usual, host Stacy Johnson is joined by financial journalist Miranda Marquit. Listening in and sometimes contributing is producer Aaron Freeman. Today, we’re joined by friend-of-the-show Pam Krueger from Wealthramp.
Be aware that anything you hear on this podcast doesn’t constitute financial advice. Always do your own research and consult your own experts before acting on anything we discuss.
You can listen with the player at the top of this article or download the episode wherever you get your podcasts:
Don’t forget to check out our podcast page for more episodes designed to help you make the most of your money.
Are you watching out for scams and Ponzi schemes?
In today’s podcast, we reviewed the Bernie Madoff Ponzi scheme and its fallout. But we did more than talk about that specific scam. We gave you red flags to watch out for and mention other scams to be aware of. Don’t get caught off-guard. Here are some of our best articles about scams — and how to avoid them.
Build wealth — without getting scammed
Rather than relying on scammers, we’ve got plenty of other ways for you to build your wealth, including through investing. Try saving, put your money to work for you and avoid the get-rich-quick schemes.
Meet this week’s guest, Pam Krueger
Pam Krueger is a recognized investor advocate and award-winning personal finance journalist and author. She is the founder and CEO of Wealthramp, a free adviser matching platform that connects consumers with rigorously vetted and qualified fee-only financial advisers.
Her perspectives on personal finance regularly appear in MarketWatch, Forbes and PBS Next Avenue, and she is a frequent speaker on fiduciary financial advice. In addition, Pam is an active volunteer member of the Retirement Income Committee at the Defined Contribution Institutional Investment Association (DCIIA), a nonprofit dedicated to enhancing the retirement security of America’s workers. She has also served on the California Jump$tart Coalition, an organization dedicated to increasing financial literacy among children and teens, where she created one of their most successful curricula available for K-12 teachers called “Investing Pays Off for Kids.”
She splits her time between San Francisco and her home in Cape Cod, Massachusetts.
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About the hosts
Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.
Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.
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