He paid them promptly, the very next month, with money obtained from a newer set of investors. He also went to several of his friends in Boston and promised that he would double their investment in 90 days, in an environment when banks were paying only 5% annual interest. Subsequently, Ponzi set up a stock company to raise money from the public. He first tried to borrow money from several banks, including the Hanover Trust Company, but they were not convinced, and its manager, Henry H. Chmielinski, refused to lend him money. He received a letter from a company in Spain asking about the advertising catalog which included an international reply coupon (IRC), leading Ponzi to find a weakness in the system which, at least in principle, gave him an opportunity to make money. Ponzi took over his wife’s family’s fledgling fruit company for a short time, but to no avail, and it, too, failed shortly thereafter.
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For the subsequent 15,000 investors that Ponzi had, he would have had to fill Titanic-sized ships with postal coupons just to ship them to the U.S. from Europe. Though Ponzi was still paying back investors, mostly from money from subsequent investors, he had not yet figured out a way to actually change the IRCs to cash. In its heyday, nearly 75% of Boston’s police force had invested in the scheme. As long as money kept flowing in, existing investors could be paid with the new money. At that time, investors were being paid impressive rates, which subsequently encouraged others to invest. As the scheme grew, Ponzi hired agents to seek out new investors in New England and New Jersey.
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- The story touched off a massive run, and Ponzi paid off in one day.
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Barron then noted that to cover the investments made with the Securities Exchange Company, 160 million postal reply coupons would have to be in circulation. Barron observed that though Ponzi was offering fantastic returns on investments, Ponzi himself was not investing with his own company. The paper contacted Clarence Barron, the financial journalist who headed Dow Jones & Company, to examine Ponzi’s scheme. On July 26, the Post started a series of articles that asked hard questions about the operation of Ponzi’s money machine. He managed to divert the officials from checking his books by offering to stop taking money during the investigation, a fortunate choice, as proper records were not being kept.
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During this time, a number of Italian boys were migrating to the U.S. and returning to Italy as wealthy individuals. This resulted in Ponzi spending all his money, and four years later he was broke and without a degree. Ponzi took a job as a postal worker early on, but soon was accepted into the University of Rome La Sapienza. Ponzi may have been inspired by the scheme of William W. Miller (also known as “520% Miller”), a Brooklyn bookkeeper who in 1899 used a similar deception to take in $1 million (approximately $31.8 million in 2024). While this type of fraudulent investment scheme was not invented by Ponzi, it became so identified with him that it now is referred to as a “Ponzi scheme”. USPS will be closed on Monday, January 19th in observance of Martin Luther King, Jr.
Ponzi’s initial investors consisted of working-class immigrants like himself. This was the only method Ponzi had to continue providing returns to existing investors, as he made no effort to generate legitimate profits. Ponzi’s company, meanwhile, had set up branches from Maine to New Jersey. Some of his investors had been mortgaging their homes and investing their life savings. By June 1920, people had invested $2.5 million in Ponzi’s scheme (equivalent to $39,000,000 in 2024).
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- By this time, Ponzi had a winning personality and spoke English and French, as well as Italian, which Zuckoff says helped him get the job at the bank.
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He ordered two bank examiners to keep an eye on Ponzi’s accounts. This led Allen to speculate that Ponzi was not nearly as well-financed as he claimed, since he was getting large loans from the bank he effectively controlled. Massachusetts Bank Commissioner Joseph Allen became concerned that if major withdrawals exhausted Ponzi’s reserves, it would bring Boston’s banking system to its knees. He then sped up plans to build a massive conglomerate that would engage in banking and import/export operations. The story touched off a massive run, and Ponzi paid off in one day.
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Since he was insolvent, Ponzi served as his own attorney and, speaking as persuasively as he had with his duped investors, was acquitted by the jury on all charges. It also ruled that Ponzi was not facing double jeopardy because Massachusetts was charging him with larceny while the federal government charged him with mail fraud, even though the charges implicated the same criminal operation. In two federal indictments, Ponzi was charged with 86 counts of mail fraud and faced life imprisonment. Ponzi’s investors were practically wiped out, receiving less than 30 cents to the dollar. The news brought down five other banks in addition to Hanover Trust. He was originally released on $25,000 bail and was immediately re-arrested on state charges of larceny, for which he posted an additional $10,000 bond.
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However, McMasters quickly became suspicious of Ponzi’s endless talk of postal reply coupons, as well as the ongoing investigation against him. In the meantime, Ponzi had hired a publicist, William McMasters. Gallagher commissioned Edwin Pride to audit the Securities Exchange Company’s books—an effort made difficult by the fact Ponzi’s bookkeeping system consisted merely of index cards with investors’ names. Ponzi paid out $2 million in three days to a wild crowd outside his office. The United States Post Office stated that postal reply coupons were not being bought in quantity at home or abroad.
After his release in 1911, Ponzi decided to return to the U.S., but became involved in a scheme to smuggle Italian illegal immigrants across the border. Rather than inform his mother of his imprisonment, he posted her a letter stating that he had found a job as a “special assistant” to a prison warden. 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 U.S. and start over. While working there, Ponzi first saw the scheme of “robbing Peter to pay Paul”, which later would be called a Ponzi scheme.
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Jake Epstein portrays Ponzi in “Home for the Holidays”, the third stand-alone Christmas special of the Canadian television period detective series Murdoch Mysteries. In Italy, Ponzi jumped from scheme to scheme, but little came of them. Ponzi appealed his conviction and was freed after posting a $1,500 bond. He was tried a second time on five of the remaining charges, and the jury deadlocked.
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