The easy thing to do is point the finger at victims and declare they deserved it. But this is too simplistic an approach, and not entirely fair. Gary Clement / The National
The easy thing to do is point the finger at victims and declare they deserved it. But this is too simplistic an approach, and not entirely fair. Gary Clement / The National

Ponzi schemes are now outwitting even the smartest investors



Principal versus principle is the reason crime often pays.

It pays because in the unraveling of theft, deceit, fraud and the like, principle often overrides principal: the focus can easily become convictions and sentencing versus the return of money. Ergo crime pays. It pays the perpetrator, their family and other benefactors.

It’s 10 years since the most infamous Ponzi case of our time came to light - and Bernie Madoff is set to stay in jail.

The great news is that creditors have so far been paid 75 cents to the dollar – which is an incredible recovery rate for fraud like this. Unfortunately, it’s the exception.

Recovering money ‘invested’ is not always the aim of prosecution in cases like these – why? Because the rule of law, and punishing a perpetrator, is the main aim for many official organisations; getting any money back is a gift of the gods.

You see, there are things working against money being recovered: there being any money to recover, the cost of pursuing recovery, and how to go about it – and having lots of stamina; it’s emotionally draining for those concerned.

The easy thing to do is point the finger at victims and declare they were greedy/stupid/ deserved it. But having looked into this type of deception in quite some depth, this is too simplistic an approach, and not entirely fair.

There are situations I know of where companies have a mix and match approach; some of the business they undertake is legitimate, and covers up the Ponzi part of the outfit. I know of one set up where it started out ‘real’, but when things went south, they replicated their products/ offering, but it was pure Ponzi. The product never existed, but they had the track record, and physical reality of what they were doing elsewhere in the business. People trusted them as a result.

The point I’m making is that Ponzi-type scams have come a long way since the infamous Charles Ponzi.

__________

Read more:

Don't use social media to disguise your financial black hole

Protect yourself and your family in case it all comes crashing down

The right career decision can lead to financial freedom

Knowing my bank balance saved me from becoming a fraud victim

___________

The bad news is that these sorts of schemes will never vanish. In fact, they’re flourishing, with lawyers and regulators struggling to deal with them. The fraudsters often take advantage of a borderless existence or ever-changing jurisdictions and legal loopholes.

If you want to find out more about the state of the Ponzi-world, log onto ponzitracker.com. Its role is to enlighten people , and make them aware that thousands such schemes have been uncovered over the past few years.

To explain the basics, a Ponzi scheme is a form of fraud that pays profits to earlier investors by using funds obtained from more recent investors.

The standard signs that alert to the possibility of a fraudulent ‘investment’ include high returns versus low risk and consistent returns over a period of time.

Another thing to watch out for is a lack of transparency, for example being asked to sign a non-disclosure document, or if the system is complex and does not make sense.

Some of the ways fraudsters instill trust in their often highly educated victims includes associations with known and trusted brands – educational institutes and sporting events. Having their brand on a sponsorship board of a global event does not mean they are legit.

Again, it’s easy to blame the victims for being – well, human; human because they trusted someone, because they liked someone. These are some of the reasons money was given over. Yes, there are the greedy ones too. At the core of the operation is a slick ‘sell’ that pivots on psychology and methodology that makes it tough to say no – or to pin-point what’s ‘off’ about it. Yes due diligence is key – but as mentioned earlier, there are schemes so clever, that they have peppered the web with information that indicates they’re legit, or they have real parts to their setup.

It's a problem that's not going away. The Ponzi Scheme Blog (http://theponzibook.blogspot.com/) outlines the situation for 2018. Have a look - it runs through cases that have come to light around the world. It's by no means a comprehensive list – but it gives you a flavour for what's going on. Shockingly, the number of guilty pleas or convictions stands at four.

The worst thing is that the truth about these schemes usually come to light when people need their money most – say during a market downturn – because two things converge: the fraudster cannot keep up the payments, and the ‘investors’ want to take more out – to cover losses elsewhere, or to shore up capital. This is when it comes tumbling down.

It’s tough work making money – and even tougher keeping it. Now imagine a world where we can have both principal, and principle – is that too big an ask?

Nima Abu Wardeh is a broadcast journalist, columnist and blogger. Share her journey on finding-nima.com

Company profile

Company: Eighty6 

Date started: October 2021 

Founders: Abdul Kader Saadi and Anwar Nusseibeh 

Based: Dubai, UAE 

Sector: Hospitality 

Size: 25 employees 

Funding stage: Pre-series A 

Investment: $1 million 

Investors: Seed funding, angel investors  

Result
Qualifier: Islamabad United beat Karachi Kings by eight wickets

Fixtures
Tuesday, Lahore: Eliminator 1 - Peshawar Zalmi v Quetta Gladiators
Wednesday, Lahore: Eliminator 2 – Karachi Kings v Winner of Eliminator 1
Sunday, Karachi: Final – Islamabad United v Winner of Eliminator 2

Fourth-round clashes for British players

- Andy Murray (1) v Benoit Paire, Centre Court (not before 4pm)

- Johanna Konta (6) v Caroline Garcia (21), Court 1 (4pm)

Teachers' pay - what you need to know

Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:

- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools

- average salary across curriculums and skill levels is about Dh10,000, recruiters say

- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance

- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs

- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills

- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month

- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues

The specs: 2019 Infiniti QX50

Price, base: Dh138,000 (estimate)
Engine: 2.0L, turbocharged, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 268hp @ 5,600rpm
Torque: 380Nm @ 4,400rpm
Fuel economy: 6.7L / 100km (estimate)

Director: Laxman Utekar

Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna

Rating: 1/5

Sri Lanka squad

Dinesh Chandimal, Dimuth Karunaratne, Kaushal Silva, Kusal Mendis, Angelo Mathews, Lahiru Thirimanne, Niroshan Dickwella, Sadeera Samarawickrama, Rangana Herath, Suranga Lakmal, Nuwan Pradeep, Lakshan Sandakan, Vishwa Fernando, Lahiru Kumara, Jeffrey Vandersay, Milinda Siriwardana, Roshen Silva, Akila Dananjaya, Charith Asalanka, Shaminda Eranga and Dhammika Prasad.

UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Dates for the diary

To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:

  • September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
  • October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
  • October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
  • November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
  • December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
  • February 2, 2018 Bodytree will host its 4th annual yoga market.

Opening day UAE Premiership fixtures, Friday, September 22:

  • Dubai Sports City Eagles v Dubai Exiles
  • Dubai Hurricanes v Abu Dhabi Saracens
  • Jebel Ali Dragons v Abu Dhabi Harlequins
UAE rugby in numbers

5 - Year sponsorship deal between Hesco and Jebel Ali Dragons

700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams

Dh600,000 - Dubai Exiles' budget for pitch and court hire next season, for their rugby, netball and cricket teams

Dh1.8m - Dubai Hurricanes' overall budget for next season

Dh2.8m - Dubai Exiles’ overall budget for next season

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Scorebox

Sharjah Wanderers 20-25 Dubai Tigers (After extra-time)

Wanderers

Tries Gormley, Penalty

Cons Flaherty

Pens Flaherty 2

Tigers

Tries O’Donnell, Gibbons, Kelly

Cons Caldwell 2

Pens Caldwell, Cross

Champions parade (UAE timings)

7pm Gates open

8pm Deansgate stage showing starts

9pm Parade starts at Manchester Cathedral

9.45pm Parade ends at Peter Street

10pm City players on stage

11pm event ends

HAJJAN
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BRIEF SCORES:

Toss: Nepal, chose to field

UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23

Nepal 132-7: Jora 53 not out; Zahoor 2-17

Result: UAE won by 21 runs

Series: UAE lead 1-0

Tank warfare

Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks. 

“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.

“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”

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