Mr. Ponzi – Patron Saint

Mr. Ponzi was a charming con-artist who operated about a century ago in the United States and Canada.  He enticed investors to contribute new money to his investment scheme (100% return in 90 days), skimmed a portion for his luxurious needs, and used the remaining money to pay off prior investors.  The system worked marvelously until it collapsed and people realized that his postal reply coupon investments could not produce the profits that supposedly paid off early investors.