We’ve all heard of a “Ponzi scheme,” but who was the man behind the scam? Born Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi in Italy in 1882, Chuck did not invent the eponymous scheme that pays earlier investors using the investments from later investors. He was known as a swindler in the 1920s, and 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 U.S. The fraud held up for over a year before it collapsed, taking $20 million in “investments” with it. He was sentenced to five years in prison for mail fraud and when he was released, he was immediately hit with state larceny charges and served another nine years, followed by seven more for a Florida swampland scam, after which he was deported back to Italy. It is reported that while serving his various prison terms, he continued to receive Christmas cards and requests to invest from some of his more dedicated investors. (https://en.wikipedia.org/wiki/Charles_Ponzi)
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