Charles Ponzi facts
While investigating facts about Charles Ponzi, I found out little known, but curios details like:
Charles Ponzi, the creator of the Ponzi scheme, received Christmas cards from some of his investors and requests to invest money while he was in prison
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Charles Ponzi was exposed as a fraud by William H. McMasters, the man Ponzi hired to be his publicist so he could attract new investments. After ten days of representing him, McMasters wrote an exposé for The Boston Post that led to Ponzi's ultimate downfall.
In my opinion, it is useful to put together a list of the most interesting details from trusted sources that I've come across. Here are 10 of the best facts about Charles Ponzi I managed to collect.
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The origin of the phrase “Ponzi Scheme” comes from a real man named Charles Ponzi. He arrived in the USA w/ $2.50, and in 1920 had a scheme worth $20M (225M adjusted for inflation)
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The name ponzi scheme originated with Charles Ponzi, who promised 50% returns on investments in only 90 days.
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The term "Ponzi scheme" was coined in the 1920s after Charles Ponzi, whose scheme ran a year before collapsing and costing investors $20 million
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While Charles Ponzi is still famous today for the "Ponzi-scheme", Adele Spitzeder was much more notorious (450 million USD damage) long before him (1869-1872) with up to 83 employees.
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Charles Ponzi came up with the basic idea for the Yellow Pages years before the fact but was constantly turned down. He was later contacted by an interested Spanish firm but Ponzi was inspired by their prepaid postage coupons to create a loophole that then became his infamous scheme.
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After Charles Ponzi completed his jail sentence for the Ponzi scheme, he started another scam selling swampland in Florida, promising 200% returns. Among the victims were some of the same people who fell for the Ponzi scheme.
