Charles Ponzi: Life and His Infamous Scheme
Charles Ponzi, born Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi in Lugo, Italy, on March 3, , is best known for the financial con that bears his name: the Ponzi scheme. Although not the inventor of this fraudulent investment method, his infamous exploitation of it in the s solidified his name in financial history. Promising returns of up to % in 90 days, Ponzi swindled millions of dollars before his scheme collapsed, leaving a trail of financial ruin.
Early Life and Education
Born into a once-prosperous family, Ponzi’s childhood in Lugo, Italy, was marked by financial difficulties. His mother clung to the family’s noble past, using the title &#;donna,&#; though the family fortune had long since dwindled. Ponzi attended the University of Rome La Sapienza but squandered his opportunities. Distracted by the lavish lifestyles of wealthier peers, he spent his savings on entertainment, ultimately leaving university without a degree.
A photo of Charles Ponzi in
Immigration to the United States
Ponzi immigrated to the United States in , arriving in Boston with just $ in his pocket. His initial years in America were challengin
Carlo Ponzi Biography
Carlo (or Charles) Ponzi was an Italian immigrant who bilked millions of dollars out of thousands of hopeful investors in the s, in what has since become known as a Ponzi Scheme. Ponzi arrived in the U.S. in , then made his way to Canada by After a jail term for forgery, Ponzi was arrested for smuggling aliens into the U.S. and ended up in a federal prison in Atlanta, Georgia. He settled in Boston and worked as a dishwasher for years before coming up with a plan to get rich. In he formed the Securities Exchange Company (SEC), promising financial success by converting foreign postage coupons into U.S. currency. Ponzi promised returns too good to be true. And they were: early investors were paid off with money from new investors; there was no real investment going on, just cash distribution. (The approach is also known as a &#;pyramid scheme.&#;) Beginning in late and early , Ponzi moved as much as $15 million from thousands of investors, eventually using 35 branch offices. The scheme fell apart eight months later and Ponzi was convicted of embezzlement. His legal troubles dragged on for more than a decade and he was in and out of jail in the U.S. until , wh
Charles Ponzi
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Who Was Charles Ponzi?
Charles Ponzi was the infamous swindler who payed out returns with other investors' money. The "Ponzi scheme" is named after him. After running a highly profitable and expansive investment scheme, Ponzi was arrested on August 12, , 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.
Coming to America
The details of the infamous swindler Charles Ponzi's early life are difficult to verify. It is believed, however, that he was born Carlo Ponzi in Parma, Italy, and attended the University of Rome La Sapienza.
Ponzi arrived in Boston in November aboard the S.S. Vancouver. He later told the New York Times that he gambled away most of his money on the voyage to America. "I landed in this country with $ 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.
Early Scams
Ponzi started out working odd jobs, including as a dishwasher in a restaurant. In , he moved to Montreal, where he found a j
In the s, there was a tiny man in Boston with a charming smile and sparkling, penetrating eyes. He was always dressed in the latest fashions. There was something irresistibly attractive about him. He was one of those people that everybody loved. He arrived in the New World like most immigrants &#; with empty pockets. But Charles Ponzi was no ordinary immigrant. He had high-flying plans and immense self-confidence. He set up a finance company that promised incredible returns to investors. &#;Ponzi doubles your stake in three months,&#; wrote the Boston Post about him. His office was crowded with people ready to entrust him with their last savings. He made millions of dollars from his financial machinations. He had everything, a huge house, the latest car, the best clothes and a loving wife. People admired him and considered him a financial genius.
In the US, hard work has always been considered the most important value. &#;Every dollar saved is a dollar earned&#;, Americans say. Working hard and making sacrifices are the only guarantee of a prosperous future. But Charles Ponzi did not believe in prudence and hard work. He believed in only one thing &#; the almighty dollar.
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