Charles Ponzi
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Charles Ponzi
Birth 3 March 1882
Lugo
January 18, 1949 (age 66)
Rio de Janeiro
Cause of death Cerebral hemorrhage Modify the value of the cause of death property (P509) in the wiki data
Burial place Rio de Janeiro Modify the value of the burial place property (P119) in the wiki
Citizenship Flag of the United States (1795-1818) .svg United States
Italy (18 June 1946 - 18 January 1949)
Flag of Italy (1861–1946) .svg Kingdom of Italy (March 3, 1882– June 18, 1946)
practical life
Parent school of the University of Rome Sapienza modify the value of a learning property in (P69) in the wiki data
Occupation Criminal, banker, and biographer modify the value of a property property (P106) in a wiki
Languages spoken or written Italian, English Modify the value of the Language property (P1412) in a data wiki
Counts
Post and Telegraph Fraud charges (in: November 1920) (penalty: imprisonment) Amendment of property value convicted for (P1399) in Wikisource
Edit Source - Modify the template documentation
Charles Ponzi
Charles Ponzi was one of the biggest fraudsters in American history and was the first to establish the fraudulent method known as the "Ponzi series" or phantom hierarchy or even the Ponzi function.
Contents
I grew up
The first lesson in fraud
3 Fraud
4 arrested and died
5 References
His upbringing
Charles Ponzi was born in Lugo, Italy in 1882 and immigrated to America in Boston in 1903, and he attended the University of Rome. And that came out of him for his inability to pay fees. He first worked as a waiter in a restaurant before being kicked out for cheating on some customers. He then moved to Canada in Montreal
The first lesson in fraud
While in Canada, Ponzi worked for an Italian who owned a real estate investment bank. But soon he declared bankruptcy after accumulated debt. Ponzi discovered his first lesson in fraud so widely that his country covered the 6% interest he paid to his customers, not from the bank's interest as he claimed, but from the money of the new savers themselves to suggest that the bank was making profits and increasing the confidence of customers and increase their savings. Although real estate assets at the time were at their lowest levels, things quickly accelerated, the trick was discovered and the bank owner had to flee to Mexico. Ponzi went with them for a while but soon returned to America. For a time, he joined a gang in the smuggling of Italian immigrants between the US-Canadian border. He was arrested and imprisoned for two years.
Fraud
To make a commercial directory in what looks like yellow pages. However, his project failed until a Spanish company sent a letter requesting his guide and included a coupon. This coupon can be exchanged for postage stamps as an alternative to the money and the proof will be sent to Spain. Ponzi didn't know anything about these coupons yet. And when he discovered there was a big business opportunity. There was a big difference between the price of the coupon in Italy and the exchange or exchange of postage stamps in America. Buying it in Italy was cheap, while you could get valuable postage stamps in America. Ponzi put the interest rate at 400 percent. He told many of his relatives to join his wallet, which trades in postage stamps. Ponzi's offer was then over 50% interest within 45 days. The news of Ponzi's portfolio spread and profits were already paid to investors. Ponzi hired brokers and agents to raise money from investors. Initially, Ponzi was able to raise $ 500 and within a short period he raised $ 30,000. Then others learned about Ponzi's portfolio in other states and the money invested increased. In one year, the money invested in Ponzi's portfolio was over millions. Ponzi then seized a large portion of Hanover Bank in Boston. He managed to become CEO of the bank.
The fraud is done by paying interest to older investors from new savers' money. And delude people as profits and benefits of their money. He promised his customers a profit rate of up to 50% within 45 days, and 100% within 90 days, by buying coupons in different countries, selling them and completing them at face value in the United States as a form of arbitration. Over time his income became at least 250,000 dollars a day in 1920,
His arrest and death
He was arrested by the federal police after The Post began a series of articles questioning the huge money pumping machine. He was imprisoned for a year, in 1934 and then released, and sent to Italy, then Brazil, where he spent the last years of his life in abject poverty, where he worked as an interpreter. He then suffered a stroke in 1948, and died at a charity hospital in Rio de Janeiro in 1949.