Tuesday, November 4, 2014

Deportee of the Day: Charles Ponzi (Italy), Deported 1934

Ts

Charles Ponzi, who created the Ponzi scheme, was deported from the United States to his native Italy in 1934.   Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi, commonly known as Charles Ponzi, was an Italian businessman and con artist. Born in Italy, he became known in the early 1920s as a swindler in North America for his money making scheme. Charles Ponzi 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. In reality, Ponzi was paying early investors using the investments of later investors. This type of scheme is now known as a "Ponzi scheme". His scheme ran for over a year before it collapsed, costing his "investors" $20 million. 

KJ

https://lawprofessors.typepad.com/immigration/2014/11/deportee-of-the-day-charles-ponzi-italy-deported-1934.html

Current Affairs | Permalink

Comments

Post a comment