"Utah has the highest rate of Ponzi schemes per capita in the United States, more than twice the rate of Florida, the next highest state, according to an analysis by a Salt Lake City investment fraud attorney. The analysis also showed that Utah investors have lost around $1.5 billion to Ponzi schemes over the past 10 years...

...The Church of Jesus Christ of Latter-day Saints fosters a trusting culture in its members, who make up almost two thirds of the state’s population, according to Dixie State Sociology Professor Bob Oxley."

https://www.kuer.org/post/why-utah-home-so-many-ponzi-schemes#stream/0



Edited 1 time(s). Last edit at 12/30/2019 05:56PM by summer.

I'm not surprised in the least.The only thing about the article that surprised me was that Idaho wasn't the second highest. I suppose the concentration of Mormons isn't so high there anymore.

Immigration, especially from California, is making Idaho the fastest growing state in the nation.

Trusting that it's OK for your religious leaders to hoard $100 Billion seems to fit right in.

Being downtown stuck in TRAX during a multilevel marketing convention with desperate fruit juice get-rich-quick converts is like being trapped in that zombie epic, 28 DAYS LATER.

The "Live Abundant" hotel promotion that was featured in the article strikes me as a straight-forward scam (swindle). It may or not may not have been a Ponzi pyramid; not enough details are given.

So the article states that Utah leads in Ponzi schemes, which I find believable, but it is short on details and data.

Two telling statements from the article:

"The Church of Jesus Christ of Latter-day Saints fosters a trusting culture in its members,..." Also,

"'So that’s all built into that value system whereby I’m contributing a certain percentage of my income to the Church which they’ll make their determination to distribute that to other people that are less fortunate than I am,' Oxley said. 'And also with the understanding that if I need in the future, I can always depend on the church to be there for me.'"

I'd be curious about what these two people now think with knowledge of TCoJCoLdS' $100B. And did Oxley ever go to the church for help, or know somebody who did?

As Reagan said, "Trust--but verify!"

Well, technically, the Ponzi money wasn't 'lost', it was transferred to other owners (who happened to be CRIMINALS!

Being as how this is prevalent in Utah, someone (forensic accountant) should do a study into what became of the Ponzi funds including how much was returned to the original investors.

Of course then there's the question of who would pay for this study, what uses the results could serve.

TCOJCOLDS doesn't foster a trusting culture. It fosters a gullible, greedy culture. Not the same thing.

Trusting? Try leaving LDS Inc and see how much trust they put in your ability to make the best decision for your own life.

It seems that belief in the lies of Joe Smith is selecting the gullibility gene from the general population.

IDK about my genes / jeans, but I opted in at a time when I was very vulnerable; if the Jehovah's Witnesses had contacted me first, I prolly wodda gone with them...


just sayin'

chemists and scientists get caught in one of these back in the early 1980s. I couldn't believe one that I knew really well would buy into it. They all lost in the tens of thousands. It was horrible.

It's weird that people would think that these schemes are even remotely a good idea, isn't it? I think at least some of it comes from wanting unrealistic returns on your investments. Years ago I read that the stock market returns on average 7% a year. And if you want a safer mix of stocks and bonds IMO you are probably looking at 5% per year. If someone is promising you substantially more than that on a consistent basis, alarm bells should go off.

There are so many good mutual funds out there from respected companies. I've read that most investors would be well suited with one or more professionally managed mutual funds. People with more substantial assets can do with an investment manager from an established, name firm. I have no clue why people would go with some random, often unlicensed person selling sketchy products instead.

we need a study on the details so this can be abated:

- what indicators are common?

-new in town

-fancy cars, but usually leased; may be stolen or registered in anothers name 'borrowed'.

-may be secretive about the property, residential (ownership, location) May claim his/her property is in another state or location, 'in escrow' so s/he can't borrow against it, etc.

-self-generated financial statements, no recognized security papers or account statements

-gaps in his/her history (prison?)

-shyness about being photographed; probably not on social media (Facebook, etc)

-suggests that others pay for meals, entertainment, etc. for X reason until Y (which is until many 'invest')

Beware of any of these + others; None of these is 'proof', but possibly indicators.



Edited 2 time(s). Last edit at 01/01/2020 07:29PM by GNPE.