Charles Ponzi (1882–1949) was an Italian-born American swindler whose name became synonymous with a type of fraudulent investment scheme. Arriving in the United States in 1903, he engaged in various scams before devising his most infamous operation in 1919. Ponzi promised investors extraordinary returns—up to 50％ in 45 days—by claiming to arbitrage international reply coupons for postal stamps. In reality, he paid early investors using funds from new participants, creating a pyramid structure that collapsed in 1920, defrauding thousands and leading to his imprisonment. His scheme inspired the term "Ponzi scheme," highlighting the dangers of unsustainable financial pyramids and serving as a cautionary tale in economic history about greed, deception, and regulatory oversight. Ponzi spent much of his later life in prison or exile, dying in poverty in Brazil.
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