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From Wikipedia: Ponzi's original scheme was based on the arbitrage of international reply coupons for postage stamps; however, he soon diverted investors' mone
by codeshaman 11y ago
From Wikipedia:
Ponzi's original scheme was based on the arbitrage of international reply coupons for postage stamps; however, he soon diverted investors' money to make payments to earlier investors and himself.
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The profit that could be made by taking advantage of the differing postal rates in different countries to buy IRCs cheaply in one country and exchange them for stamps of a higher value in another country was the intended profit generator for a scheme operated by Charles Ponzi, which became the fraudulent Ponzi scheme.
- icehawk219 11y agoFor anyone interested in more information on this, or on Ponzi himself, I'd highly recommend giving Ponzi's Scheme[0] a read. It's a great book on the subject. [0] https://www.amazon.com/dp/0812968360 https://www.amazon.com/dp/0812968360
- driverdan 11y ago"Ponzi: The Incredible True Story of the King of Financial Cons" is good too: http://smile.amazon.com/Ponzi-Incredible-Financial-Library-Larceny-ebook/dp/B000FC1BGU/ http://smile.amazon.com/Ponzi-Incredible-Financial-Library-L...