“It is essential that all of us, especially fraud fighters, understand how ordinary a Ponzi schemer’s personality can seem. Because we only define them as Ponzi schemers in hindsight, it is very hard for us to put ourselves back into the pre-revelation mindset to appreciate what made these characters so appealing. A scholar whose work I admire described a Ponzi schemer as someone who can perfectly impersonate an honest person.”

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