Topics: Criminal Tags: Charles Ponzi View |
Charles Ponzi (March 3, 1882 – January 18, 1949) was an Italian (Italian people) swindler, who is considered one of the greatest swindlers in American history. His aliases include Charles Ponei, Charles P. Bianchi, Carl and Carlo. The term "Ponzi scheme" is a widely known description of any scam that pays early investors returns from the investments of later investors. He 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 as a form of arbitrage. Ponzi was probably inspired by the scheme of William F. Miller, a Brooklyn bookkeeper who in 1899 used the same scheme to take in $1 million.
Subject Name: Charles Ponzi
Date of birth: 1882-03-03
Birth Location: Lugo, Italy
Date of death: 1949-01-18
Place Of Death: Rio de Janeiro, Brazil
Charge: Mail fraud (federal), larceny (state)
Conviction Penalty: 5 years federal (served 3 and half years before facing state charge), 9 years state, deportation
Occupation: Confidence trickster
Spouse: Rose Gnecco
Parents: Roberto and Maria Ponzi