Have You Ever Heard of the Ponzi Scheme?

If you know anything about white collar crime, there’s a good chance you’ve heard of the infamous Ponzi scheme. The Ponzi scheme, named after Charles Ponzi (who also went by the names of Charles Bianchi, Charles Ponci, and Carlo Ponzi) set the standard when it comes to conmen.

What is the Ponzi scheme?

If you've been accused of fraud, contact a white collar crime lawyer.According to his biography,

“Ponzi’s racket worked like this: He would send money to agents working for him in other countries, who would buy IRCs [also known as international reply coupons] and send them back to the United States. Ponzi would then exchange the IRC for stamps worth more than he paid for them, and sell the stamps. Ponzi reportedly made more than 400 percent on some of these sales.”

By 1920, the Boston Post began to investigate the earnings of Charles Ponzi. In early August of that year, Ponzi was arrested. His Ponzi scheme cost his investors nearly $20 million and he brought about the demise of six banks. At the time of his arrest, Ponzi owed nearly $7 million and plead guilty to mail fraud. He spent 14 years in prison. Unfortunately for him, it seems he didn’t have a white collar crime lawyer by his side.

Contact a white collar crime lawyer today.Do you need a white collar crime lawyer?

If you’re facing charges from the federal government and need a white collar crime lawyer, the Law Offices of Robert J. Degroot will work quickly and skillfully to resolve your situation and build a solid defense for you. We’d be glad to provide you with a free initial consultation. Contact us today.