Charles Ponzi
Charles Ponzi collected an estimated $15 million from tens of thousands of Boston investors in 1920, paying earlier investors with later investors' money instead of genuine investment profits.
At a glance
- What happened
- He claimed to profit from international postal reply coupons. The enterprise collapsed; note holders received less than 30 cents on the dollar.
- When
- The Boston scheme collapsed in 1920. A state fraud conviction followed in 1925.
- Where
- The main scheme operated in Boston, Massachusetts; a later land-fraud venture operated in Florida.
- Why / motive
- His promised profits attracted investment; money from new investors paid obligations to earlier investors.
- Outcome
- He was convicted of federal mail fraud and served about three and a half years before parole. Further state convictions followed; deported to Italy in 1934, he died in Brazil on January 18, 1949.
Who is involved
- Charles Ponzi — subject
Sources
- Charles Ponzi — source evidence“Paraphrase: Charles Ponzi”
- Charles Ponzi — source evidence“Paraphrase: Charles Ponzi collected an estimated $15 million from tens of thousands of Boston investors in 1920, paying earlier investors with later investors' money instead of genuine investment profits.”
- Charles Ponzi — source evidence“Paraphrase: He claimed to profit from international postal reply coupons. The enterprise collapsed; note holders received less than 30 cents on the dollar.”
- Charles Ponzi — source evidence“Paraphrase: The Boston scheme collapsed in 1920. A state fraud conviction followed in 1925.”
- Charles Ponzi — source evidence“Paraphrase: The main scheme operated in Boston, Massachusetts; a later land-fraud venture operated in Florida.”
- Charles Ponzi — source evidence“Paraphrase: He was convicted of federal mail fraud and served about three and a half years before parole. Further state convictions followed; deported to Italy in 1934, he died in Brazil on January 18, 1949.”
- Charles Ponzi — scheme purpose“Paraphrase: His promised profits attracted investment; money from new investors paid obligations to earlier investors.”
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