A Ponzi Scheme Has the Following Characteristics, Except

A Ponzi scheme has the following characteristics, except:

A) It promises a much higher expected return relative to the investment risk involved
B) It seems to involve a significantly lower risk relative to the expected returns promised
C) Its implied risk-return combination (or point) lies below the security market line
D) Trust plays a very important role, with investors believing in the promoter's ability to somehow prevent arbitrage