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English definition of “Ponzi scheme”

Ponzi scheme

noun [C]     /ˈpɒn.ziˌskiːm/ US  /ˈpɑːn-/
a way of deceiving investors (= people who give money to a company hoping to get more back) by using the money they give to pay interest to existing customers rather than investing it
(Definition of Ponzi scheme noun from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)
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