A Ponzi scheme, a form of fraud in which a businessman lures investors to pay profits to earlier investors, is named after what?

Answer: Charles Ponzi (1889-1949), an Italian conman who became associated with the practice in the 1920s. Ponzi initially claimed to be making a quick fortune by reselling postal reply coupons, but as expected, his fraud collapsed.

Source: White-Collar and Corporate Crime by Lawrence M. Salinger

More at: History

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