OK - let's move forward with our discussion.
We've seen that Albania was basically a closed state until the early 1990's (think North Korea in the present situation). People had no idea about how to invest money or how to look for fraudulent investments because free-market capitalism of any sort had been outlawed for approximately 50 years.
Pyramid schemes started in as early as 1991 when the new democratic parties emerged. These schemes were simple schemes in which people would invest money and the entire network of operations was made up of people investing money. There were no investments. The entire scheme was just designed to bring in investors to deposit money. Albanians would invest in these schemes and as they moved up the "pyramid," they were able to get astonishing rates of returns. But, of course, like any pyramid scheme, with no further investors, the scheme eventually collapsed.
The first known pyramid scheme was organized by Hajdin Sejdise who, after getting rich from his "investors," fled to Switzerland with millions of dollars of his "investors'" money. Another scheme was started by a man named "Sudja."
These schemes ran rampant from 1991 to about 1997. We will examine the sheer numbers of investors in these schemes in the next post.
NOTE - I am not a speaker of the Albanian language and in no way will I attempt to replicate the Albanian alphabet or phonetics. So, for any Albanian readers who happen across this blog, I apologize for any misspellings.
As always, have a great and fraud-free day.
http://www.tauskvega.com
------------->>>>>>>>>>>>>>>gene tausk
We've seen that Albania was basically a closed state until the early 1990's (think North Korea in the present situation). People had no idea about how to invest money or how to look for fraudulent investments because free-market capitalism of any sort had been outlawed for approximately 50 years.
Pyramid schemes started in as early as 1991 when the new democratic parties emerged. These schemes were simple schemes in which people would invest money and the entire network of operations was made up of people investing money. There were no investments. The entire scheme was just designed to bring in investors to deposit money. Albanians would invest in these schemes and as they moved up the "pyramid," they were able to get astonishing rates of returns. But, of course, like any pyramid scheme, with no further investors, the scheme eventually collapsed.
The first known pyramid scheme was organized by Hajdin Sejdise who, after getting rich from his "investors," fled to Switzerland with millions of dollars of his "investors'" money. Another scheme was started by a man named "Sudja."
These schemes ran rampant from 1991 to about 1997. We will examine the sheer numbers of investors in these schemes in the next post.
NOTE - I am not a speaker of the Albanian language and in no way will I attempt to replicate the Albanian alphabet or phonetics. So, for any Albanian readers who happen across this blog, I apologize for any misspellings.
As always, have a great and fraud-free day.
http://www.tauskvega.com
------------->>>>>>>>>>>>>>>gene tausk
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