Ponzi: The Financial Idiot Who Scammed the World

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Ponzi schemes are named after Italian immigrant Charles Ponzi, who gained fame during the Great Depression of the 1920s and 30s. Ponzi’s scheme was a simple and audacious one: he offered wildly inflated returns on investments, recruiting people to invest in his bogus venture with the promise of massive returns. Unfortunately, the entire thing was a charade, and Ponzi was eventually arrested and convicted of fraud. This did not stop him, however, as he kept on running his versions of the plan, no matter how much he was exposed. His victims lost tens of millions of dollars, and the public was left with a negative view of the financial sector and public trust in investing taking a long-term hit.

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