View of 100 Argentine pesos bills with the portrait of former First Lady (1946-1952) Eva Peron, on August 4, 2022 in Buenos Aires. — AFP pic
Becoming a teen millionaire
The scams are “taking advantage of the crisis,” said Firtman.
He added that young people, who are disproportionately affected by poverty — 60,7 per cent of Argentines aged 15-29 are officially considered poor—were driving what he called a “Ponzidemia.”
“There are 19-year-olds who are teaching 16-year-olds how to become a millionaire in three months” through investment platforms, he said.
Sociologist Ezequiel Gatto linked the youth speculation craze to gaming.
“There’s been a gamification of money,” he told the Pagina 12 newspaper, noting that the interfaces of some investment apps resembled those of video games.
The scams come in different forms.
On Wednesday, a deepfake of Argentine football star Lionel Messi promoting a scheme to turn US$75 into US$2,000 in a week began circulating on social media.
“You don’t need to be an economy expert or markets connoisseur,” the fake Messi says, inviting potential investors to join a Telegram group.
The most notorious alleged scam was started by self-styled Argentine financial guru Leonardo Cositorto, who convinced thousands of people across Latin America and Spain to invest in everything from cryptocurrency to hamburger restaurants and car dealerships.
Investigators claim that Cositorto, who promised returns of 7.5 per cent per month in dollars and inspired a Netflix documentary, led a giant pyramid scheme, which he denies.
He is currently on trial for fraud. — AFP
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Publish date : 2024-10-27 02:01:00
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