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Charles Ponzi arrived in America nearly broke Then discovered international postal reply coupons He claimed there was an arbitrage opportunity that could generate enormous profits Most investors didn't understand the details They just saw people getting paid, Money poured in, thousands invested The profits were largely coming from new investors Not from the coupon strategy Within months the scheme collapsed He stole the equivalent of hundreds of millions in today's money His name became so famous that every similar scam is still named after him over a century later Most criminals commit a crime but Charles Ponzi committed one so memorable they named the entire category after him
