Ed goes door-to-door selling magazine subscriptions. Ed knows, however, that he is simply taking money for subscriptions and has absolutely no intention of ever arranging for the provision of magazines. Which of the following offenses, if any, has he committed?
a. Defalcation
b. False Entry
c. False token
d. False pretense
e. Ponzi scheme

A Ponzi scheme is a type of scam that entices investors and rewards, previous investors, with earnings from more current investors using their money.
The Ponzi scheme, so named after the Italian businessman Charles Ponzi, deceives victims into thinking that their gains are the result of successful business ventures (such as sales of products or wise investments), while keeping them in the dark about the true source of the money.
As long as new investors keep putting money in and the majority of investors continue to believe in the fictitious assets they are supposed to possess, a Ponzi scheme can continue to provide the impression that it is a viable business.

Therefore, the correct option is (e) A Ponzi scheme.

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