The Original King of Get-Rich-Quick: The Unbelievable True Story of Charles Ponzi

He promised a 50% return in 45 days, captivated a nation, and became a legend of fraud. This is the story of the man whose name is now synonymous with the con.

It’s July 1920, and Boston is sweltering in a heatwave of pure, unadulterated greed. Every morning, a line of hopefuls snakes down School Street, a chaotic mix of working-class Irish cops, Italian immigrants from the North End, and even some of the city’s most prim and proper “brahmins.” They’re not waiting for bread, and this isn’t a protest. They’re waiting to give their money - every last dime they have - to one man. From his ridiculously lavish office, a dapper, five-foot-two financial wizard with a Cheshire cat grin is taking in close to a million dollars a day. His name is Charles Ponzi, and he has made Boston an unbelievable promise: a 50% return on any investment in just 45 days.

In a city still reeling from World War I, crippled by inflation, and plagued by labor strikes, this kind of promise wasn’t just appealing; it was a godsend. Banks were offering a paltry 5% a year, a guaranteed loss against the skyrocketing cost of living. Ponzi was offering salvation. He was seen not as a swindler, but as a financial messiah, a fellow immigrant who had discovered the secret to wealth and was willing to share it. But who was this man, really? Was he a genius who had outsmarted Wall Street, or just a charming monster with a fantastic, unbelievable story? The truth, as it turned out, was far more interesting.

The daily scene in Boston during the summer of 1920, as thousands lined up to hand their life savings to Charles Ponzi.