12 Aug: Ponzi Gets Busted
The ‘Get Rich Quick’ scheme pioneered by scamster Charles Ponzi came to an end with his arrest on 12th August, 1920 – but ‘Ponzi schemes’ remain a popular form of swindling to this day.
After promising his victims he could double their money in 90 days, Ponzi was charged with 86 counts of mail-fraud – yet he may not have even initially realized his scheme was illegal.
In this episode, Arion, Rebecca and Olly consider whether Cryptocurrency is the modern-day Ponzi scheme; explain the difference between a Ponzi scheme and a Pyramid scheme; and reveal the ingenious way Ponzi told his Mum he was in prison…
This episode first aired in 2021