Born: 1883
Died: 1949

Sometimes referred to as the “Boston Swindler,” Charles Ponzi set in motion one of the largest financial hoaxes of the twentieth century. Although he was widely regarded as a financial genius, he was nothing more than an inept (foolish) risk taker who enjoyed a brief bout of good luck.

Poor beginnings

Born in Italy in 1883, Ponzi emigrated (moved) to the United States when he was about twenty years old. Having entered his adoptive country with only $2.50, he became a waiter, but was soon fired. Still very poor, he took a train to Canada, where he was arrested for forging (faking) a check. Ponzi was sentenced to a brief term in a Montreal prison, after which he returned to the United States. In Atlanta, Georgia, he came up with a scheme to help Italians enter the country illegally—without following proper immigration...