Ponzi Scandal
Charles Ponzi .. The Scandal
!!!
By: Rawan Al-Deraibi
Class of: Prof. Alan J. Pan
Who is Ponzi?!!
Born in 1882 in Parma, Itlay, Charles Ponzi was the infamous swindler who payed out returns (To give money in exchange for goods or services) 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,
1920, 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. He died on
January 18, 1949, in Rio de Janeiro, Brazil
From The Beginning (His
Arrival To America)!
On November 15, 1903, he arrived in Boston . By his own account, Ponzi had $2.51 in his pocket, having gambled away the rest of his life savings during the voyage.
One of his famous quotes that he later told The New York
Times is:
"I landed in this country with $2.50 in cash and $1 million in hopes, and those hopes never left me,"
The Schemes: How did it all start?! Ponzi started out working odd jobs in so many fields in 1907 he moved to Montreal, Canada. One of the jobs he worked was a teller at Bank Zarossi. When Bank Zarossi went bankrupt because of bad loans, Ponzi was left penniless. He was sentenced to three years in a
Quebec prison after he was caught forging a bad check
When he was released from jail, Ponzi got involved in yet another criminal venture, smuggling Italian immigrants across the border into the United States.
This too landed him in jail—he spent two years behind bars Ponzi Scheme
Ponzi returned to Boston, where he got married in 1918. He worked various jobs, including at his father-in-law's grocery store, but none of those positions lasted long.
It was during this time that Ponzi got the idea for the great scheme that would earn his name a place in history. He received a letter in the mail from a company in Spain that contained in it an international reply coupon (a coupon
that
!!!
By: Rawan Al-Deraibi
Class of: Prof. Alan J. Pan
Who is Ponzi?!!
Born in 1882 in Parma, Itlay, Charles Ponzi was the infamous swindler who payed out returns (To give money in exchange for goods or services) 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,
1920, 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. He died on
January 18, 1949, in Rio de Janeiro, Brazil
From The Beginning (His
Arrival To America)!
On November 15, 1903, he arrived in Boston . By his own account, Ponzi had $2.51 in his pocket, having gambled away the rest of his life savings during the voyage.
One of his famous quotes that he later told The New York
Times is:
"I landed in this country with $2.50 in cash and $1 million in hopes, and those hopes never left me,"
The Schemes: How did it all start?! Ponzi started out working odd jobs in so many fields in 1907 he moved to Montreal, Canada. One of the jobs he worked was a teller at Bank Zarossi. When Bank Zarossi went bankrupt because of bad loans, Ponzi was left penniless. He was sentenced to three years in a
Quebec prison after he was caught forging a bad check
When he was released from jail, Ponzi got involved in yet another criminal venture, smuggling Italian immigrants across the border into the United States.
This too landed him in jail—he spent two years behind bars Ponzi Scheme
Ponzi returned to Boston, where he got married in 1918. He worked various jobs, including at his father-in-law's grocery store, but none of those positions lasted long.
It was during this time that Ponzi got the idea for the great scheme that would earn his name a place in history. He received a letter in the mail from a company in Spain that contained in it an international reply coupon (a coupon
that