Episode #242 - What Was Ponzi’s Scheme? (Part I)

The name Charles Ponzi has become synonymous with financial frauds. In 1920 the formerly obscure Italian immigrant suddenly became one of the most famous men in Boston when his Securities Exchange Company started offering investors remarkable returns. Ponzi claimed that he had discovered an ingenious method of using postal coupons to profit off international exchange rates. However, before the year was out his scheme had totally unraveled. What many Bostonians did not know was that Ponzi was a two-time ex-convict with a history as fraudster. Still, there may have been more to Ponzi than his dishonest reputation would lead you to believe. Ponzi claimed that he was a misunderstood genius. Should we believe him? Tune-in and find out how wasted undergrads, Canadian scammers, and the Hawk Tuah Girl all play a role in the story.

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