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How to maximize your returns with Bajaj Finance Fixed Deposits? Short-term or Long-term FD: Which FD is best for you? Jump to navigation Jump to search This article is about the man. For the fraudulent business scheme named after him, see Ponzi scheme.
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Italian swindler and con artist in the U. His aliases include Charles Ponci, Carlo, and Charles P. Ponzi may have been inspired by the scheme of William F. Charles Ponzi was born in Lugo, Italy, in 1882. He told The New York Times that he had come from a family in Parma, Italy.
His ancestors had been well to do, and his mother continued to use the title “Dona”, but the family had subsequently fallen upon hard times and had little money. On November 15, 1903, he arrived in Boston aboard the S. 50 in his pocket, having gambled away the rest of his life savings during the voyage. 1 million in hopes, and those hopes never left me,” he later told The New York Times.
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This section needs additional citations for verification. In 1907, after some years of failing to do well in the USA, Ponzi moved to Montreal and became an assistant teller in the newly opened Banco Zarossi, a bank started by Luigi “Louis” Zarossi to service the influx of Italian immigrants arriving in the city. By this time, Ponzi had a charming cheerful personality and spoke French, English and Italian, which Zuckoff says helped him get the job at Banco Zarossi. Ponzi stayed in Montreal and, for some time, lived at Zarossi’s house helping the man’s abandoned family, while planning to return to the United States and start over. As Ponzi was penniless, this proved to be very difficult. 58 in a checkbook he found, forging the signature of a director of the company, Damien Fournier. Confronted by police who had taken note of his large expenditures just after the forged check was cashed, Ponzi held out his hands wrist up and said “I’m guilty”.
He ended up spending three years at St. Vincent-de-Paul Federal Penitentiary, a bleak facility located on the outskirts of Montreal. Rather than inform his mother of this development, he posted her a letter stating that he had found a job as a “special assistant” to a prison warden. After his release in 1911 he decided to return to the United States, but got involved in a scheme to smuggle Italian illegal immigrants across the border. He was caught and spent two years in Atlanta Prison. Here he became a translator for the warden, who was intercepting letters from mobster Ignazio “the Wolf” Lupo. After Ponzi’s release from prison, he made his way back to Boston.