At its peak in July of 1927, Ponzi took in nearly six and a half million dollars from 20,000 investors in a single month. Mitch says thousands of investors showed up at Ponzi's office demanding their money back. To keep up his stamp coupon scheme,Ponzi needed a constant stream of new investors.
Some of history's biggest financial scams owe their name to Charles Ponzi. Here's the story of the man behind the eponymous scheme.
Subscribe to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney
Learn more about sponsor message choices:
podcastchoices.com/adchoicesNPR Privacy Policy