His aliases include Charles Ponei, Charles P. Bianchi, Carl and Carlo. Although many people have never heard of Ponzi, the term "Ponzi scheme" is a well known description of fraud that continues to this day through its modern version, the "make money fast" schemes that percolate...
Ponzi, who fleeced Bostonians out of millions in 1920, did not invent what has come to be known as a Ponzi scheme, a scam in which early investors are paid with money from new investors. The con had been around for years, maybe centuries. But Ponzi did it on such a grand scale, with such flair and in such full view of the world and the media, that he earned his place in criminal history. ''He was a celebrity and that only enticed more people into his scheme,'' says William Galvin, Massachusetts secretary of state, who spends part of his time trying to protect investors from modern-day Ponzi imitators.
Ponzi set up an office at 27 School St. and created a firm called the Securities and Exchange Company, a name meant to instill confidence in potential investors. Then he made his offer: Investors who bought into the company would get a 50 percent return on their money in 45 days; a 100 percent return in 90 days. Banks at the time paid 5 percent interest annually.
what a guy and his students are on this board. As for DNDN the FDA is out to protect the public.