Showing posts from December, 2022

Charles Ponzi - Father of Ponzi Schemes

 Have you ever heard of the phrase "Ponzi Schemes" ? If you have ever heard these words, you should know about Charles Ponzi , on whose name this phrase was coined.  Who is Charles Ponzi? — The Phoenix (@3011_ajit) December 20, 2022 Charles Ponzi was an Italian by birth. His birth name was Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi. Carlo Ponzi became Charles Ponzi after migrating to the US in 1903. He did some small jobs till 1907 and moved to Montreal, Canada.  He started working with a bank in Montreal, Canada and forged the signatures of customers in the bank. He got caught in 1909 and spent two years in jail. In 1911, after being released from jail he indulged in smuggling illegal Italian immigrants from Canada to the US. He was caught again, this time by the US authorities, and spent another two years in jail.  After his release from jail, he moved to Boston where he got married to an Italian-American in 1918. In Boston, he did several small works and eventually fail