Charles Ponzi Cheats Thousands in an Investment Scheme
At a glance:
- Series: Great Events from History II: Business and Commerce Series
- Categories: Religion, Ethics, Economics, Crime, Law, Legal History, Courts
- Subcategories: Business, Scandals, Corruption, Fraud
- Curriculum: American History 1901-1950
- Geographical Location: New England, Boston
- Date: 1919-1920
Article abstract: Charles Ponzi and his imitators raised millions of dollars in fraudulent investment schemes, prompting regulation of the securities industry.
Summary of Event
Charles Ponzi achieved immense but short-lived success marketing investments of dubious merit to the public in the 1920’s. These “Ponzi schemes,” initiated by other swindlers, attracted gullible investors by promising high yields over short periods of time. In general, Ponzi scheme promoters develop an ever-widening circle of customers for a nonexistent investment by paying...
[The entire page is 2437 words long]
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