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  2. Charles Ponzi - Wikipedia

    en.wikipedia.org/wiki/Charles_Ponzi

    Born in Lugo, Italy, he became known in the early 1920s as a swindler in North America for his money-making scheme. He promised clients a 50% profit within 45 days or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the U.S. as a form of arbitrage. [1] : 1 [2] In reality, Ponzi was paying earlier investors using the ...

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