Oct. 17, 2022

Charles Ponzi-He gave "THE SCHEME" its permanent moniker, despite stealing millions, he died penniless

Charles Ponzi-He gave "THE SCHEME" its permanent moniker, despite stealing millions, he died penniless

Charles Ponzi was always one to take a short cut. Mr Ponzi hoodwinked his way to a Bank manager position in Montreal, he saw that the bank president was using new investment money to fund payments coming due. The problem was that the investors would take the money and run, not reinvest. Ponzi saw the flaw in this game and the bank soon collapsed. After a stint in a Canadian jail, then American prison, Ponzi returned to Boston and set up shop on school street. He developed a small legitimate business buying and selling postal coupons and he made a respectful living for a time. Ponzi soon sought outside investors and he promised, then provided lavish returns. These high returns enticed investors to reinvest their earnings with Ponzi. This was the cash cow, to the tune of 3.7 million dollars a day (2022 equivalent). When the bottom dropped out though, it dropped FAST. Tune in for the whole saga.

CNN Article
https://cnn.it/3T9Z4bF

You Tube-Ponzi Scheme explained
https://bit.ly/3VvZY3T