He Promised 50% in 45 Days. Boston Believed Him. | Charles Ponzi

Boston, July 1920. Crowds lined up on School Street to hand their savings to a small man in a straw hat. His name was Charles Ponzi, and within weeks it would become the name of a fraud. ⏱️ Chapters 0:00 Intro 1:02 Two Dollars Fifty 1:56 The Bank in Montreal 3:13 The Coupon 4:23 50% in 45 Days 5:39 The King of Boston 6:44 The Math 7:50 The Fall 9:39 The Lesson 📚 Sources Mitchell Zuckoff, Ponzi's Scheme: The True Story of a Financial Legend (2005) The Boston Post, July and August 1920, and the 1921 Pulitzer Prize for Public Service citation Smithsonian National Postal Museum on International Reply Coupons Charles Ponzi, The Rise of Mr. Ponzi (1935), for his own claims, flagged as such US Securities and Exchange Commission on the Madoff case 🔔 Subscribe for more stories of fortunes made and lost:    / @fortuneandruinstories   📷 Images: Leon Abdalian (Public domain), City of Boston Archives from West Roxbury, United States (CC BY 2.0), Mgreason (English Wikipedia) (Public domain), Boston Library (NYT); en.wikipedia.org (Public domain), Bain News Service, publisher (Public domain), US Government (Public domain), uploaded by Nickpo (Public domain), Maddy16869 (CC BY-SA 4.0), Underwood & Underwood (Public domain), mákvirágok (Public domain), Neurdein (Public domain), Philippe Du Berger from Montréal (CC BY 2.0), George Grantham Bain Collection (Public domain), Mason Bros. Publishing, Boston, Massachusetts (Public domain), U.S. Post Office Department (Public domain), USG (Public domain), Unknown author (Public domain), Leon H. Abdalian (Public domain), National Photo Company Collection (Public domain), Núcleo de digitalização / IMS (Public domain), Washington Mutual Savings Bank (Public domain), U.S. Department of Justice (Public domain) · via Wikimedia Commons 🔊 Narration: Microsoft Azure neural text-to-speech voice #ponzi #fraud #history