Monday, July 6, 2009

Man Who Gave Ponzi Scheme Its Name Got Started In Montreal


MONTREAL - Thanks to convicted fraudster Bernard Madoff, millions know what a Ponzi scheme is: a swindle that pays unusually high returns to investors from money ponied up by other investors, rather than from any profit earned.

Less well known is that Carlo Ponzi, whose name the swindle bears, lived in Montreal and had his first taste of the swindle there.

In July 1907, when he arrived in Montreal, he was just one among thousands of penniless Italian immigrants flooding into the city.

But while most were prepared to make their way through grinding physical labour, Ponzi took a different course.

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