Who Was Ponzi and What Was His Scheme All About?
The term “Ponzi scheme” was coined in connection with an Italian conman, Charles Ponzi. During the 1920s, Mr. Ponzi successfully scammed thousands of people in connection with a postal coupon offering. At the time, the postal service was offering international reply coupons that allowed a sender to pre-purchase postage and include it in their correspondence. […]
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