Heres a Short History of of the now very popular Pyramid scheme aka multi level scheme and what not,..1940s palang uso a ito.Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi, (March 3, 1882 – January 18, 1949), commonly known as Charles Ponzi, was an Italian businessman and con artist in the U.S. and Canada. His aliases include Charles Ponci, Carlo and Charles P. Bianchi.[1] Born in Italy, he became known in the early 1920s as a swindler in North America for his money making scheme. Charles Ponzi promised clients a 50% profit within 45 days, or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the United States as a form of arbitrage.[2][3] In reality, Ponzi was paying early investors using the investments of later investors. This type of scheme is now known as a Ponzi scheme. His scheme ran for over a year before it collapsed, costing his investors $20 million. Ponzi was probably inspired by the scheme of William F. Miller, a Brooklyn bookkeeper who in 1899 used the same scheme to take in $1 million.[4]
Posted on: Fri, 08 Aug 2014 17:32:47 +0000
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