A stunning piece from the Bankers and Merchants Telegraph Company signed by Anthony Weston Dimock, who was known as the "First Napoleon of Wall Street" ... [ View ]
In 1920, Charles Ponzi is arrested for financial fraud in Boston after taking in more than $6 million from thousands of investors. He repaid each $1,000 invested with $1,500 just 90 days later--but only by taking more money from newcomers or, as a judge later puts it, “robbing Peter to pay Paul.” Such pyramid arrangements are forever afterwards known as “Ponzi schemes.”
POB 223     |     Cold Spring NY 10516
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