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Charles Ponzi, (born Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi; March 3, 1882 – January 18, 1949), was an Italian swindler and con artist in the U.S. and Canada. His aliases include Charles Ponci, Carlo, and Charles P. Bianchi.[1]Born and raised in Italy, he became known in the early 1920s as a swindler in North America for his money-making scheme. He promised clients a 50% profit within 45 days, or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the United States as a form of arbitrage.[2][3] In reality, Ponzi was paying earlier investors using the investments of later investors. While this type of fraudulent investment scheme was not originally invented by Ponzi, it became so identified with him that it now is referred to as a Ponzi scheme. His scheme ran for over a year before it collapsed, costing his "investors" $20 million.
Ponzi may have been inspired by the scheme of William F. Miller, a Brooklyn bookkeeper who in 1899 used the same scheme to take in $1 million.[4] In addition, "The Man Who Broke the Bank at Monte Carlo", Charles Deville Wells, had operated a very similar scheme in France in 1910–11, when – under the alias "Lucien Rivier" – he had set up a phony bank, to the detriment of his 6,000 victims.[5]
Ponzi may have been inspired by the scheme of William F. Miller, a Brooklyn bookkeeper who in 1899 used the same scheme to take in $1 million.[4] In addition, "The Man Who Broke the Bank at Monte Carlo", Charles Deville Wells, had operated a very similar scheme in France in 1910–11, when – under the alias "Lucien Rivier" – he had set up a phony bank, to the detriment of his 6,000 victims.[5]
Charles Ponzi - Wikipedia
Posted from en.wikipedia.org
Birthday
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American History
Money
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Maj Marty Hogan Too bad we can't put a "Social Security" tag on a post about Mr. Ponzi. But that might be deemed offensive. C'est la guerre.
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Based on the Social Security system, they could have just as well tagged him as a "financial innovator".
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The Life and Times of Charles Ponzi - Lessons from History
http://www.thebuddhasface.co.uk A short movie detailing the life and times of the 20th Centuries greatest financial swindler - Charles Ponzi. Well it looks l...
Thanks Maj Marty Hogan that March 3 is the anniversary of the birth of Italian swindler and con artist in the U.S. and Canada Charles Ponzi, born with the name Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi, who "became known in the early 1920s as a swindler in North America for his money-making scheme. He promised clients a 50% profit within 45 days, or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the United States as a form of arbitrage."
He might be amazed that his name has gone down in posterity as synonymous with swindling "Ponzi scheme."
Fools rush in where angels fear to tread. Get rich quick schemes have drawn many naïve people to their financial ruin.
From biography.com/people/charles-ponzi-20650909
"Ponzi's scheme began to unravel in August 1920, when The Boston Post began to investigate his returns. The investigation set off a run on Ponzi's company, with investors trying to pull their money out of it.
Charles Ponzi was arrested on August 12, 1920 [in Boston, Massachusetts], and charged with 86 counts of mail fraud. Owing an estimated $7 million, he pleaded guilty to mail fraud, and subsequently spent 14 years in prison. Rose divorced him in 1937, and Ponzi died penniless in Rio de Janeiro, Brazil, on January 18, 1949."
The Life and Times of Charles Ponzi.
https://www.youtube.com/watch?v=lujFPvXPTNc
FYI Maj William W. 'Bill' Price Capt Seid Waddell Capt Tom Brown 1stSgt Eugene Harless MSG Andrew White SFC William Farrell SSgt Robert Marx SSG James J. Palmer IV aka "JP4"SCPO Morris Ramsey SGT Michael Thorin SGT (Join to see) SGT Robert George SGT John " Mac " McConnell SP5 Mark Kuzinski SP5 Robert Ruck SP5 Dave (Shotgun) Shockley SPC Margaret Higgins SrA Christopher Wright CPL Craig Cheltenham
He might be amazed that his name has gone down in posterity as synonymous with swindling "Ponzi scheme."
Fools rush in where angels fear to tread. Get rich quick schemes have drawn many naïve people to their financial ruin.
From biography.com/people/charles-ponzi-20650909
"Ponzi's scheme began to unravel in August 1920, when The Boston Post began to investigate his returns. The investigation set off a run on Ponzi's company, with investors trying to pull their money out of it.
Charles Ponzi was arrested on August 12, 1920 [in Boston, Massachusetts], and charged with 86 counts of mail fraud. Owing an estimated $7 million, he pleaded guilty to mail fraud, and subsequently spent 14 years in prison. Rose divorced him in 1937, and Ponzi died penniless in Rio de Janeiro, Brazil, on January 18, 1949."
The Life and Times of Charles Ponzi.
https://www.youtube.com/watch?v=lujFPvXPTNc
FYI Maj William W. 'Bill' Price Capt Seid Waddell Capt Tom Brown 1stSgt Eugene Harless MSG Andrew White SFC William Farrell SSgt Robert Marx SSG James J. Palmer IV aka "JP4"SCPO Morris Ramsey SGT Michael Thorin SGT (Join to see) SGT Robert George SGT John " Mac " McConnell SP5 Mark Kuzinski SP5 Robert Ruck SP5 Dave (Shotgun) Shockley SPC Margaret Higgins SrA Christopher Wright CPL Craig Cheltenham
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