CARLO (CHARLES) PONZI (March 3, 1882 – January 18, 1949). The diminutive (he was 5’2″) Italian immigrant deserved to be named for his wildly successful, but short-lived, Boston-based fraud. In 1920, Ponzi swindled millions from regular folks in the Boston area, telling them he could return 50% profit within 45 days, and 100% in 90 days. And he did… for awhile, paying earlier investors with the new investor cash people were throwing at him. In less than a year, Ponzi pleaded guilty to one count mail fraud and was sentenced to five years. Ponzi served three-and-a-half. He spent time at several other prisons before dying in poverty in Brazil.
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Fraud Quote of the Day!
“It depends on the definition of what that means, ‘handpicked.’”
-- Donald J. Trump during his sworn deposition testimony, December, 2015. Trump testified that he had never met any of his "handpicked" instructors for his unaccredited Trump "University."
FRAUD STATS & FACTS OF THE DAY!More than 20 percent of organization fraud was in excess of one million dollars. (Source: Association of Certified Fraud Examiners, Global Report on Occupational fraud.)
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