Charles Ponzi's scheme (plus a new scam)

Planet Money ·
Business & Economy

Charles Ponzi was down on his luck. In 1919, the Italian immigrant had spent a decade and a half in the U.S. He was looking for a way to get rich and tried his hand at everything — including bookkeeping, sign painting, grocery clerk, dishwasher, and librarian. He caught a lucky break in August, when he received a letter from Europe. In the envelope was an International Reply Coupon, a clever way…

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