FINANCIAL FRAUD – CHARLES PONZI, Full Story of the ORIGINAL PONZI SCHEME That Fooled Boston in 1920
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Charles Ponzi was a swindler who operated a fraudulent scheme in the 1920s, deceiving thousands of investors out of millions of dollars. Born in Italy, Ponzi was known as the “OG scammer” and his scheme was later named after him. He promised his investors a 50% return on investment in just 90 days, a promise that seemed too good to be true. Despite being arrested twice before setting up his scheme, Ponzi was able to raise millions of dollars by selling his idea directly to the public. His scheme collapsed when a journalist investigated and revealed that it was impossible for the business to generate the returns promised. Many investors lost their savings, with some getting back only a small fraction of their investment. Ponzi was imprisoned, released, and eventually deported to Italy, where he wrote his memoirs, which were met with little interest. The story of Charles Ponzi serves as a cautionary tale about the dangers of greed and the importance of due diligence in investing. Today, the term “Ponzi scheme” is used to describe any investment scam that relies on paying returns to existing investors by stealing from new investors.
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