A Bay Area real estate crowdfunding platform, known as Friend Ponzi, has been charged with operating a 'ponzi-like' scheme amounting to $3 million. The fraudulent activity has been widely criticized, with some observers noting that it was a clear scam from the beginning. The scheme reportedly amassed $50 million before collapsing. Critics have long suspected the platform of being a ponzi scheme, with some voicing their concerns as early as three years ago.