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   Ponzi scheme

   /ˈpɒnzɪ skiːm/

   noun

   • 1. a form of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors: "a classic Ponzi scheme built on treachery and lies"

   Word Origin named after Charles Ponzi (died 1949), who carried out such a fraud (1919–20).

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