‘Worst day ever’: ‘I got no food’: Man who lost $1.5M in a Pizzeria Panic
Posted On July 12, 2021
A man in San Francisco was left with no food, no shoes, no socks, no toilet paper and a $1,525,000 bill after his house went into a Ponzi scheme.
The man, who was in the Philippines for business, told Buzzfeed that the Ponziologist’s scheme lasted four months before he returned home.
According to the man, the scheme required a minimum $2.5 million in cash to complete the transactions.
After spending almost $1 million in the first four months, the man said he was left penniless after he received only $900 in monthly rent.
The San Francisco man, named Sergio, told the website that he did not have a wallet, had to use his credit card, and was given a receipt that said the money he deposited into his account was in his personal bank account.
The Ponziarist took advantage of his lack of funds by buying several properties, including his house.
After selling the property, he spent more than $1million, but was unable to make any money.
According the man’s account on the website, Sergio had no choice but to flee the Philippines because the man did not trust him.
He said he received a $500,000 bonus from the P.S.A.P. (Public Service Pension Plan) and received $1m from the Philippine government.
He was not able to afford to buy a house, as his bank account was overdrawn, and he was told that he was ineligible for benefits, according to Buzzfeed.
The Philippines has been rocked by a P.O.P.-style Ponzicab panic in recent months, as the country’s economy has been hit by severe inflation and an economic downturn.
The country’s Ponziology Institute has since warned that it will start shutting down Ponzisas if no payments are made within 60 days.