Charles Ponzi was an Italian swindler and con artist, born Carlo Ponzi, he lived in Canada and the U.S.A. He was also referred to as Carlo, Charles Ponci or Charles P. Bianchi. Charles was born on the 3rd day of March, 1882 in Lugo, Italy, and died in 1949, January 18th. He attended the University of Rome La Sapienza.

"I landed in this country with $2.50 in cash and $1 million in hopes, and those hopes never left me."

The young immigrant’s charisma and confidence would help him pull off one of the greatest financial schemes in history.

The scheme was named after Charles Ponzi, known for using a notorious technique in 1920s. He was the first to become known throughout the United States for this scheme. Ponzi schemes usually starts as legitimate businesses, until it fails as a result of not been able to achieve the returns expected. Whatever the initial situation, the initial investors expecting high returns requires an ever-increasing flow of money from newer investors to sustain the scheme. The business becomes a Ponzi scheme if it then continues under fraudulent terms.

Charles Ponzi was a charismatic immigrant who coaxed thousands of people in 1919 and 1920 into coughing out millions and millions of dollars - including a whopping One Million Dollar in just a single three (3) hour time frame to buy postage stamps via international reply coupons. He assured this strategy would enable anyone to purchase postage at European currencies' lower fixed rates and later redeeming them in U.S dollars at higher values. It was a simple strategy, lets say "for instance", a person buys 50 international Reply Coupons in Italy for the equivalent of one dollar ($1). Those same 50 coupons would cost about $3.30 in U.S" where Ponzi was based, the problem was there weren't enough coupons in circulation to make the plan a workable one. This ploy announced the possibility of massive gains, promising a 50% return in just 90 days, he rubbished queries about its legitimacy by paying out the first few investors but the scheme (as you must have imagined) collapsed when Ponzi couldn't rustle up enough fresh marks to keep up with the money going out the door.

Charles Ponzi was arrested on the 12th day of August 1920, and charged with an eighty-six (86) counts of mail fraud at a time he owed an estimated $7 million, he pleaded guilty to mail fraud and as a result of this spent 14 years in prison. He was released from prison in 1934 and was deported back to Italy, his wife (Rose) divorced him in 1937.

Ponzi died penniless in Rio de Janeiro, Brazil but he had set the standard in the genre; however the golden age of Ponzi and pyramid schemes didn't arrive for decades.


culled: www.palmchatnow.com

so ponzi is somebody's name sef

I was surprised to find out too....

#MMMGONE.

IF you fell for the ponzi Inc, forgive mavrodi and move on.

edimalo:
#MMMGONE.

IF you fell for the ponzi Inc, forgive mavrodi and move on.

Confirm you're not beefing those that made cool cash from it... Lol

People and long throat to quick money is the problem

Teewhy2:
People and long throat to quick money is the problem

Nigerians and awuff... Short cut masters. Lol