In January 1920, an Italian American businessman in Boston started a new company. In order to raise money, he took $100 investments from 18 people and offered them a fabulous return on their money in only 45 days, and he delivered on his promise.

Soon people were lining up to give him their money and everything worked great….

…until it didn’t.

Learn more about Charles Ponzi, the man whose name is synonymous with fraud, on this episode of Everything Everywhere Daily.

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Charles Ponzi and His Scheme (Encore)