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Charles Ponzi was an Italian swindler and con artist in the U.S. and Canada. His aliases include Charles Ponci, Carlo, and Charles P. Bianchi. Born and raised in Italy, he became known in the early 1920s as a swindler in North America for his money-making scheme. 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 United States as a form of arbitrage.
In reality, Ponzi was paying earlier investors using the investments of later investors. While this type of fraudulent investment scheme was not originally invented by Ponzi, it became so identified with him that it now is referred to as a "Ponzi scheme". His scheme ran for over a year before it collapsed, costing his "investors" $20 million.
Ponzi may have been inspired by the scheme of William F. Miller (also known as "520% Miller"), a Brooklyn bookkeeper who in 1899 used a similar deception to take in $1 million. I hope you liked this post and as always have a chilled day from the Viking.
Charles Ponzi
- Born Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi
- March 3, 1882
- Lugo, Italy
- Died January 18, 1949 (aged 66)
- Rio de Janeiro, Brazil
- Nationality Italian
- Other names Carlo and Charles P. Bianchi
- Occupation Financier, confidence trickster
- Known for Ponzi scheme
- Spouse(s) Rose Gnecco
- (m. 1918; div. 1937)
- Parent(s) Oreste and Imelde Ponzi
- Motive Financial gain
- Criminal charge Forgery (Canada), mail fraud (federal), larceny (state)
- Penalty 3 years in Canada 1908–1911; 5 years federal (served 3 1⁄2 years before facing state charge) 1920–1922; 9 years state 1927–1934; deportation in 1934
Charles Ponzi was an Italian swindler and con artist in the U.S. and Canada. His aliases include Charles Ponci, Carlo, and Charles P. Bianchi. Born and raised in Italy, he became known in the early 1920s as a swindler in North America for his money-making scheme. 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 United States as a form of arbitrage.
In reality, Ponzi was paying earlier investors using the investments of later investors. While this type of fraudulent investment scheme was not originally invented by Ponzi, it became so identified with him that it now is referred to as a "Ponzi scheme". His scheme ran for over a year before it collapsed, costing his "investors" $20 million.
Ponzi may have been inspired by the scheme of William F. Miller (also known as "520% Miller"), a Brooklyn bookkeeper who in 1899 used a similar deception to take in $1 million. I hope you liked this post and as always have a chilled day from the Viking.
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