In 1920, Charles Ponzi promised 50% returns in 45 days β and 40,000 people handed him their savings.
By July 1920 he was collecting $1 million per day, but auditors found just $61 worth of postal coupons when his scheme required 160 million.
When Ponzi was arrested on August 12, 1920, investors had lost $20 million β over $300 million in today's money β and most never recovered more than 30 cents on the dollar.
The same mechanics resurfaced in Bernie Madoff's 2008 collapse, which cost investors $18 billion.
π§ Part of the Sleepy Stock Market series β financial history told as documentary audio.
βββββββββββββββββββββββββββββ
SLEEPY STOCK MARKET
Fall asleep to the greatest stories in financial history.
βββββββββββββββββββββββββββββ
#CharlesPonzi #PonziScheme #FinancialFraud #TrueHistory #BernieMadoff #1920s #FinanceHistory #Scam #WhiteCollarCrime #HistoryShorts