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online payday loan Share Share this Story: Why do people buy Ponzi schemes They often build on trust Copy Link Email Facebook Twitter Reddit Pinterest LinkedIn TumblrNews Local News COVID 19 Politics National COVID 19 Crime World Education Staff Blogs Weather Podcasts BC Public Sector Salaries Database Archives Hot Topics Business Local Business Open during COVID Featured Businesses Energy Mortgages Real Estate Commercial Real Estate Economy Next Technology Gaming Internet Personal Tech Retail FP Markets Small Business BC Top Employers Opinion Columnists Letters Op Ed Sports Hockey Vancouver Canucks NHL Football BC Lions CFL NFL Soccer Vancouver Whitecaps MLS International Baseball Basketball NBA NCAA Golf Golf Videos MMA Curling Tennis Auto Racing Arts Local Arts Celebrity Movies Movie Listings Television TV Listings Music Theatre Festivals Books Life Shopping Essentials Food Local Food Reviews Recipes Wine Country Salut! Health Local Health Diet Fitness Family Child Men Women Seniors Sexual Health Fashion Beauty Parenting Relationships Royals Puzzles New York Times Crossword Comics Advice Horoscopes Contests National Contests Homes Buying Selling Westcoast Homes and Design Current Issue Condos Decorating Gardening Renovating Out of Town Properties Travel Local Travel International Travel Obituaries Place an Obituary Place an In Memoriam Classifieds Place an Ad Celebrations Real Estate Marketplace Local Directory This Week’s Flyers Jobs Auction Driving All Driving News Reviews Car Comparison Buyer’s Guide Healthing The GrowthOp Videos ePaper Our Offers My Account FAQShare this Story: Why do people buy Ponzi schemes They often build on trust Copy Link Email Facebook Twitter Reddit Pinterest LinkedIn TumblrBreadcrumb Trail Links Local News Local Business Why do people buy Ponzi schemes They often build on trust An alleged $40 million Ponzi scheme by a West Vancouver couple looks like it will be added to a list of high value cases of the surprisingly common fraud in British Columbia. Federal prison for defrauding customers as part of a $65 billion Ponzi scheme. Photo by Stephen Chernin /Getty Images Article content An alleged $40 million Ponzi scheme by a West Vancouver couple looks like it will be added to alist of high value cases of the surprisingly common fraud in British Columbia.The case involvesbankruptcyproceedings for Virginia Mary Tan and Patrick Eng Tien Tan and an investigation by the British Columbia Securities Commission.Now, one of the lingering questions is why investors would put their money into a structure so unliketraditional investments, such as stocks or bonds, with someone who isn’t an investment adviser.Documents filed along with 11 civil lawsuits show that for almost 20 years, upwards of 50 investors put about $40 millioninto what they believed was Virginia Tan’s business providing payday loans or short term financing to businesses, which would earn from 12 to 16 per cent interest.Article content Charles Ponzi, seen here in a 1908 booking photo, was one of the most famous fraudsters of his payday loan

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