Word: overdraft
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Dates: during 1930-1939
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...charge, sentenced for seven to nine years. In October he will be eligible for parole. TIME also said that the Ponzi collapse brought down several Boston trust companies. Biggest of the closing institutions was Hanover Trust Co., closed Aug. 11, 1920. Shortly before its suspension Ponzi ran up an overdraft of $441,000 in his checking account, although he had a large time deposit. His interest in the bank was more than, that of a customer: he owned 1,575 shares in the bank...