The GoldbergLaw Firm
Need an experienced lawyer, with a successful record at trial? Call us. 216-592-8719

The Right Lawyer Can Change Your Future

Rated by Super Lawyers Michael J. Goldberg

“Super Lawyers is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high-degree of peer recognition and professional achievement. The patented selection process includes independent research, peer nominations and peer evaluations.�

View Our Practice Areas

What's the history of the 'Ponzi scheme?'

Charles Ponzi was a man whose name went down in history for the "scheme" he developed to take money from unsuspecting investors. Since the days of Charles Ponzi, his money-grabbing scam has been replicated by countless white collar criminals on scales from large to small.

Charles Ponzi's name became associated with the word "Ponzi Scheme" in the 1920s after authorities and investors discovered the Ponzi had defrauded millions of dollars from his trusting investors. The Ponzi scheme worked by taking money from new investors to pay older investors. The scam involved the purchase of discounted postage coupons with investor money. What was really happening was, as new investors joined the pool and sent money, Ponzi would use this money to pay the older investors. The scam was earning Ponzi himself over $250,000 a day.

Ponzi primarily targeted working-class people who dreamed of becoming wealthy through investing. Ponzi was later sentenced to serve 14 years in prison. It's said that he later moved to Brazil, where he died a poor man.

Ponzi became so famous for his legendary scam that his name was tied to the deceptive criminal method he used. To this day, everyone knows the term Ponzi to be a type of investment fraud.

Not all individuals who are accused of running a Ponzi scheme are actually guilty of the offense. If you've been accused of a criminal act like this, you might want to look into the legal options you can employ for your defense. You might have powerful criminal defense strategies at your disposal that can assist you in defending against your charges.

No Comments

Leave a comment
Comment Information

Get Our Experience On Your Side. Call 216-592-8719 today.

Email Us For A Response

Contact The Firm

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

The Goldberg Law Firm

Lakeside Place
323 Lakeside Ave. West
Suite 450
Cleveland, OH 44113

Toll Free: 800-845-4710
Phone: 216-592-8719
Fax: 216-781-6242
Cleveland Law Office Map