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English definition of “Ponzi scheme”

Ponzi scheme

noun [C]     (also pyramid scheme)
FINANCE a way of deceiving investors in which money that a company receives from new customers for investment is not invested for them, but is used instead to pay interest that is owed to existing customers: He used the investors' retirement savings to conduct a Ponzi scheme.
(Definition of Ponzi scheme noun from the Cambridge Business English Dictionary © Cambridge University Press)
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