Episode Details
Back to Episodes
The Original Con: How Charles Ponzi Invented Modern Fraud - Part 3: The Machinery of Belief
Season 7
Episode 3
Published 1 week, 5 days ago
Description
By the time the deposits became large, Charles Ponzi was no longer running a simple lie. He was running a machine. And like any machine, it needed fuel, timing, and constant maintenance.The public record makes one thing plain. Ponzi did not sustain his promises through the postal-coupon trade he described. He sustained them by recycling investor money. That is the center of the mechanism. But the operational consequences were more complicated than the slogan suggests. Every payment to an early investor created the need for a later investor.Learn more at: https://thefraudarchive.com/fraud/charles-ponzi
The Fraud Archive is part of The Archive Network by Jonkai Ventures, a collection of podcasts dedicated to exploring history's greatest cons, scams, and financial crimes.
Support the podcast and access exclusive content on Patreon:
https://thearchivenetwork.com/support
Discover more archives and stories:
https://thearchivenetwork.com
Explore this archive:
https://thefraudarchive.com
Hosted on Acast. See acast.com/privacy for more information.