The Pyramid scam in Cuba

Baldomera created a "financial kiosk" very similar to what today is known as a pyramid scam.

Daughter of Mariano José de Larra but never knew his father because he had already committed suicide. She was married to a physician of the royal family, when Alfonso XII was restored to the throne of Spain in 1875 the husband of Doña Baldomera would not
continue in office, and decided to go to overseas colonies, Cuba.

As a woman of resources one day came up with a brilliant idea. He borrowed an ounce of gold to a neighbor in a month promising that he would return duplicate. Doña Baldomedra kept his promise and seeing him, the neighbor told other friends. This first exploit
starts running around the neighborhood and everyone starts to leave money. He served faithfully returning the money by giving a 30% interest in a month, which gave him yet more customers.

Thus arose "The Box of impositions" . She paid the first coming with the money of those still without calling her a penny. He had discovered "the pyramid" . They looked at that time about twenty million reais, an extraordinary amount for the time, with depositors
millores of charge.

Some asked what guarantee offered by the "Impositions box." To these I smile and say: "Warranty? What bankruptcy do you mean? A single, "The Viaduct" that Madrid was the site where the bombers were thrown.

Like any pyramid scam was completed discovered. He fell into bankruptcy in December 1876. Then he disappeared with all the money he could. Two years later it was learned that was living under false identity in Auteuil (France). He requested his arrest and
extradition. Once in Spain, there was a trial.

She was sentenced to six years in prison for concealment of assets. The sentence was front page news of the day. Baldomera appealed the sentence and was acquitted in 1881 after a campaign to collect signatures, attended from ordinary people to aristocrats.
After leaving prison, nothing is known with certainty of his last years.

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Posted by Fouad Ashraf on May 15 2012. Filed under Business, World. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry