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It was a time when anything seemed possible–instant wealth, glittering fame, fabulous luxury–and for a run of magical weeks in the spring and summer of 1920, Charles Ponzi made it all come true. Promising to double investors’ money in three months, the dapper, charming Ponzi raised the “rob Peter to pay Paul” scam to an art form. At the peak of his success, Ponzi was raking in more than $2 million a week at his office in downtown Boston. Then his house of cards came crashing down–thanks in large part to the relentless investigative reporting of Richard Grozier’s Boston Post. A classic American tale of immigrant life and the dream of success, Ponzi’s Scheme is the amazing story of the magnetic scoundrel who launched the most successful scheme of financial alchemy in modern history.
More than just a tale of manipulated financial statements, counterfeit securities, sham transactions, and cyber fraud, this story is intertwined with personalities from among the rich and famous who were involved, in some fashion, such as Governor George Pataki, actress Debbie Reynolds, attorney F. Lee Bailey, and the former chairman of the SEC. In the largest pyramid scheme in American history, the Bennett Companies which even looted their own employee's pension fund, fleeced more than 12,000 investors, 10,000 trade creditors, and 245 banks and financial institutions, of more than $1 billion. A Ponzi scheme-named for Charles Ponzi, who enticed investors with promises of high returns to purchase worthless coupons in the 1920s- was taken to new heights in the 1990s by the Bennett Companies. Extensively documented, Need and Greed follows the human drama as a small-time scam grows exponentially into nationwide holdings of hotels, floating and fixed casinos, office buildings, shopping malls, and other investments. It also allows the reader a rare view into the inner workings of big-time crime, its prosecution, and subsequent civil litigation. Throughout the book, Weisman includes vignettes about hapless investors, portraits of the Bennetts and other key players, the corporate culture at Bennett Funding, and the trappings of the lush Bennett lifestyle.
The untold story of the Madoff scandal, by one of the first journalists to question his investment practices Despite all the headlines about Bernard Madoff, he is still shrouded in mystery. How did he fool so many smart investors for so long? Who among his family and employees knew the truth? The person best qualified to answer these questions is Erin Arvedlund. In early 2001, she was suspicious of the amazing returns of Madoff's hedge fund. Her subsequent article in Barron's could have prevented a lot of misery, had the SEC followed up. Arvedlund presents a sweeping narrative of Madoff's career-from his youth in Queens, New York, to his early days working for his father­in- law, and finally to infamy as the world's most notorious swindler. Readers will be fascinated by Arvedlund's portrayal of Madoff, his empire, and all those who never considered that he might be too good to be true.
Just who was the man whose name has become synonymous with the classic “rob-Peter-to-pay-Paul” scam in which money from new investors is used to reward earlier ones? In December 1919, he was an unknown thirty-eight-year-old, self-educated Italian immigrant with a borrowed two-hundred dollars in his pocket. Six months later, he was Boston’s famed “wizard of finance,” lionized by the public and politicians alike. Based on exclusive interviews with people who knew Charles Ponzi, lent him their money, and exposed him, Donald Dunn’s Ponzi recreates both one of America’s most notorious and colorful financial con artists and the mad money-hungry era in which he thrived.
Charles Ponzi perpetrated his infamous scheme almost a hundred years ago. But his method of using new investments to pay existing investors and finance a highflying lifestyle is alive and well: just as much money is lost in the United States today from Ponzi schemes as from shoplifting. Somehow, con artists are able to dazzle wealthy, educated individuals and sophisticated institutions and convince them to hand over huge sums of money. How? In The Ponzi Scheme Puzzle, renowned legal scholar Tamar Frankel explores these con artists' fascinating power of persuasion and deception, uncovering the subtle signals that mimic truth and honesty. After years of close study of hundreds of cases, Frankel explains the striking patterns that emerge and the common characteristics of the con artists and their victims. She offers clear yet comprehensive descriptions of the various designs of Ponzi schemers' attractive offers and flags the ways in which they mask their deception through specialized methods of advertising and selling. She then constructs lucid profiles of the con artists and their victims, exposing the core nature of the people at the heart of the schemes and showing how over time the lines between predator and prey are blurred. There are indeed many lessons to learn from these stories, and Frankel brings them to light through the insightful results of her research. She shows how peoples' attitudes are ambivalent and uncertain toward con artists, perhaps because their behavior is so seemingly honest, because they act like the social leaders with whom they are likely to mingle, or perhaps because their actions are thought to shake up a complacent society. Frankel concludes by offering a surprising solution on how to prevent charming, dangerous con artists from perpetuating the enduring, disastrous legacy of Charles Ponzi.
From the Trojan horse to fake news, scams have run rampant throughout history and across the globe. Some con artists do it for fun, others for profit. . . and every once in a while, a faker saves the world. In this era of daily online hoaxes, it's easy to be caught off-guard. Fakers arms kids with information, introducing them to the funniest, weirdest, and most influential cons and scams in human history. Profiles of con artists will get readers thinking about motivation and consequence, and practical tips will help protect them from falsehoods. If it sounds too good to be true, it probably is--except in the case of this book!
Throughout history, there have always been fraudsters and tricksters ready and willing to part people and their money with smooth talking and tall tales, but the first formally recorded “confidence trick” was uniquely American in its origins and set the bar for both simplicity and sheer guts, both hallmarks of the most successful frauds ever perpetrated. From the ancient Egyptians to the modern era, join the authors as they take you on a romp throughout 4000 years of human history to reveal the tricks and schemes that were perfected by colorful characters throughout the ages. Using humor, and wit, the authors paint a tapestry of deception and subterfuge perpetrated by the brilliant minds of each era.