The first Ponzi scheme promised 50 percent returns in 45 days
Charles Ponzi's 1920 scheme promised impossible returns, paying early investors with new money and creating a financial fraud that gave us the term 'Ponzi scheme'.
In 1920, Charles Ponzi launched the scheme that bears his name, luring investors with an incredible promise: 50 percent returns in just 45 days. He claimed to profit from international mail coupons, but in reality, he simply paid early investors with money from new ones, creating a deceptive illusion of wealth.
There's more to this story — open the app to keep reading.
Continue Reading in App
2 more paragraphs · plus a 3-question quiz