Glittering in the archives of financial fraud is the record of Charles
Ponzi, duper extraordinary, personification of quick riches. The police
description of him in 1926 was:Age: 44. Height: Five feet two inches. Hair: Dark chestnut mixed with
grey. Eyes: Brown. Occupation: Thief. Alias:Charles Ponci, Ponzi, Carlo and Charles P. Bianchi.In 1920 thousands of gullibles had a more ornate picture of him. He
was then the shrewd, straight-eyed miracle man of Boston's Hanover
Street. He promised his clients a 50% profit in 45 days. On especially
busy days, six mounted policemen handled the crowds in the street,
14 kept the corridor crowds in line. The essence of his scheme was
to buy postal reply coupons in countries with depreciated exchange,
redeem them at face value for U. S.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 % of their claims. This payment, the last, made a total
of 37% 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. In 1924
his term was over, but he was convicted on a State charge sentenced for
seven to nine years. In the interim he was released on bond and hurried
to Florida where he tried a lame scheme. He got in trouble with Florida's
courts, attempted to flee the U. S., was caught in New Orleans, returned
to Massachusetts. In October 1931, he will be eligible for parole, is
not preparing to fight. In Boston Federal Prison, he was popular because
of his ability to write amusing verses about other prisoners and the
jailers.
