Ponzi Scheme Namesake..
Charles Ponzi (March 3, 1882 – January 18, 1949), the originator of the scheme that bears his name, made piles of money by promising investors a 100% return on their money in 90 days. He would take in the money from investor after investor and when someone wanted to collect, he would essentially take the money from Peter to pay Paul.
Just like the pile of folks who have gone down in similar schemes this year, Ponzi was doing fine until masses of his investors all tried to collect at the same time. This exposed the fact that his business was built on a lie. He died penniless and blind in one eye in a charity hospital, which I suppose is justice.
Looking at his picture below, his victims should have known he was crooked..
"Never trust a man with a mustache!"
http://en.wikipedia.org/wiki/Charles_Ponzi
Disclaimer: My father had a mustache for about 20 years and he is the only one I treat as an exception to the rule above. The rule is sound!
Just like the pile of folks who have gone down in similar schemes this year, Ponzi was doing fine until masses of his investors all tried to collect at the same time. This exposed the fact that his business was built on a lie. He died penniless and blind in one eye in a charity hospital, which I suppose is justice.
Looking at his picture below, his victims should have known he was crooked..
"Never trust a man with a mustache!"
http://en.wikipedia.org/wiki/Charles_Ponzi
Disclaimer: My father had a mustache for about 20 years and he is the only one I treat as an exception to the rule above. The rule is sound!
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