Charles Ponzi - Ponzi Scheme

The phrase is in the news thanks to the efforts of super-investor and now allegedly criminal Bernard Madoff.
Charles Ponzi owed his status as an American celebrity due to the massive arrival of European immigration to the USA during the early 20th century. Charles Ponzi decided to avoid hard work and take a shortcut to wealth. The American Dream in this instance would become known as the Ponzi Plan which later more appropriately named Ponzi Scheme.

The Ponzi Scheme revolved around buying International Postal Union reply coupons in countries experiencing economic downturns. Ponzi would later redeem the coupons for five times the face value inside the U.S. But that is not exactly what Charles Ponzi planned to do, but that is the plan that Ponzi told to his investors.

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