Give Me Your Money
Charles Ponzi Had All Of Boston Trying To Give Him Money
Anyone can work a simple swindle, but you have to be a special kind of con man to have your name become synonymous with “fraud.” Charles Ponzi pulled it off, though.
It was a time when anything seemed possible–instant wealth, glittering fame, and fabulous luxury–and for a run of magical weeks in the spring and summer of 1920, Ponzi made it all come true. Promising to double investors’ money in three months, the dapper, charming Ponzi raised the “rob Peter to pay Paul” scam to an art form. At the peak of his success, Ponzi was raking in more than $2 million a week at his office in downtown Boston. Then his house of cards came crashing down–thanks in large part to the relentless investigative reporting of Richard Grozier’s Boston Post. A classic American tale of immigrant life and the dream of success, Ponzi’s Scheme is the amazing story of the magnetic scoundrel who launched the most successful scheme of financial alchemy in modern history.
After arriving in the U.S. from Italy in 1903, Ponzi knocked around in a variety of unskilled jobs that usually ended when he got into trouble for theft or cheating customers. A few years later, he moved to Canada, where he spent a hitch in prison for passing a forged check. When he eventually drifted back down to the U.S., he needed a way to make some quick cash.