This episode was converted from an old VHS tape that had considerable wear and tear, resulting in poor audio quality. Unfortunately it's the only copy I've been able to obtain so far.
Narrated by David Ackroyd
Charles Ponzi became known in the early 1920s as a swindler in North America for his money-making scheme. He promised clients a 50% profit within 45 days, or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the United States as a form of arbitrage.
In reality, Ponzi was paying earlier investors using the investments of later investors. His scheme ran for over a year before it collapsed, costing his "investors" $20 million.
While this type of fraudulent investment scheme was not originally invented by Ponzi, it became so identified with him that it now is referred to as a Ponzi scheme.
Special thanks to my good friend Ed, at Edward's History Hub for his help in making the digital conversion for our enjoyment. Check out his channel here https://www.youtube.com/channel/UCya-WRwSHUTynFhe80spSPw