The Ponzi Scheme

Charles Ponzi was born March 3, 1882 in Italy. His parents were Oreste and Imelde Ponzi. He arrived to Boston November, 1903, twenty-one years old. When he started his scheme, he promised his investor 40% in 90 days, instead of the 5 % from the banks. By May 1920 he had taken in $420.000, (5.13millions in 2017 money) the investors kept sending him money, and July ha was getting a million per week. By July he was closing in on a million dollars per day. That was when his card house collapsed.