Word: ponzi
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...Ponzi from Prison...
...have read your article on "Ponzi Payment in TIME, Jan. 5. Found it interesting, but none too accurate. My hair is neither chestnut nor grey. It's gone. Have never worn lavender pajamas nor pink ribbons on my night shirt. Fur coat and overshoes on extremely cold nights have been my limit...
...TIME told of how Charles Ponzi promised investors a 50% profit in 45 days through his scheme of buying postal reply coupons in countries with depreciated exchange and redeeming them at face value for U. S. stamps. In 1920 he was convicted of using the mails to defraud and sent to Federal penitentiary. In 1924 his term was over but he was then convicted on a State 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...
Charles Ponci, Ponzi, Carlo and Charles P. Bianchi...
stamps. His past prison recon failed to impress investors so much as the fact that he had a great new home in Lexington, Mass, and slept in lavender pajamas. To Ponzi's creditors last week were mailed checks representing ½% of their claims. This payment, the last, made a total of 37½% paid since the first attempt were made to unravel Ponzi's wrecked web, destruction of which brought down several Boston trust companies. Charles Ponzi is now in Boston State Prison. In 1920 he was sent to a Federal penitentiary for using the mails to defraud...