Posted: 9/16/2018
Trigger
Just watched this History Channel documentary about Ponzi: In Search Of History - Charles Ponzi & His Scheme (History Channel Documentary). Ponzi actually had a long history of petty crime of fraud and theft before his infamous Ponzi scheme.
“... In its heyday, nearly 75% of Boston's police force had invested in Ponzi's scheme. Ponzi's investors even included those closest to him, like his chauffeur John Collins and his own brother-in-law. … ” (Source 1)
Some people even send Ponzi money for future investments while he was in prison after his conviction for fraud! Hope springs eternal! After release from prison he started a new swindle in another state, i.e. Florida.
An Irony Of History
I was so stunned when the above documentary mentioned the name of the company under which Charles Ponzi conducted his scheme: Securities Exchange Company (abbreviated SEC). Ponzi started his fraudulent company in 1920.
The all powerful and unconstitutional U.S. Securities and Exchange Commission was formed in 1934, in the aftermath of the Wall Street stock market crash of 1928, is also commonly abbreviated as SEC. Was this name deliberately chosen?
As they say truth or reality is often stranger than fiction!
Sources:
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