The history of the Ponzi scheme, and the story of Charles Ponzi, the financial fraudster who became rich and infamous with his Ponzi scam that claimed people could get rich quick thanks to the arbitrage of IRCs.
Ponzi promised very high returns to investors and soon millions of dollars were being invested by those looking to get rich as fast as possible. Imagine doubling your money with an investment in 90 days, and making money with no work. Well, it sounds too good to be true, because it was...
But there was a time when the financial world marvelled at the financial genius of Charles Ponzi, the man who was in charge of one of the most successful business investments in America. He had millions of dollars at his disposal and crowds of people lining up literally begging him to take their money.
Little did everyone know that Ponzi’s business was built on nothing but lies. The whole thing was an outrageous scam, one which turned Ponzi into a very rich man, but ruined the lives of thousands of innocent people.
Ponzi’s deception was so shocking and infamous that even now, a hundred years later, the scam still shares his name - the Ponzi scheme.