Charles Ponzi's scheme (plus a new scam)
7 October - 25 mins
Podcast Series
Planet Money
Charles Ponzi was down on his luck. In 1919, the Italian immigrant had spent a decade and a half in the U.S. He was looking for a way to get rich and tried his hand at everything — including bookkeeping, sign painting, grocery clerk, dishwasher, and librarian.
He caught a lucky break in August, when he received a letter from Europe. In the envelope was an International Reply Coupon, a clever way to prepay for international postage. Ponzi realized he might be able to use these coupons to make his fortune. All he needed was investors.
What happened next made him a household name. This is the story of the man behind the eponymous Ponzi scheme — a tale of financial fraud that lives up to its l...
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