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Charles Ponzi (March 3, 1882 – January 18, 1949) was one of the greatest swindlers in American history. His aliases include Charles Ponei, Charles P. Bianchi, Carl and Carlo. The term "Ponzi scheme" is a widely known description of any scam that pays early investors returns from the investments of later investors. He promised clients a 50% profit within 45 days, or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the United States as a form of arbitrage.[1] Ponzi was probably inspired by the scheme of William F. Miller, a Brooklyn bookkeeper who in 1899 used the same pyramid scheme to take in $1 million.[2]

"Ponzi Payment". Time magazine. January 5, 1931. Retrieved 2008-12-21. In 1920 thousands of gullibles had a more ornate picture of him. He was then the shrewd, straight-eyed miracle man of Boston's Hanover Street. He promised his clients a 50% profit in 45 days. ... The essence of his scheme was to buy postal reply coupons in countries with depreciated exchange, redeem them at face value for U. S.
"In Ponzi We Trust". Smithsonian magazine. December 1998. Retrieved 2008-12-21. Ponzi himself was probably inspired by the remarkable success of William "520 percent" Miller, a young Brooklyn bookkeeper who in 1899 fleeced gullible investors to the tune of more than $1 million.

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[time-1] "Ponzi Payment". Time magazine. January 5, 1931. Retrieved 2008-12-21. In 1920 thousands of gullibles had a more ornate picture of him. He was then the shrewd, straight-eyed miracle man of Boston's Hanover Street. He promised his clients a 50% profit in 45 days. ... The essence of his scheme was to buy postal reply coupons in countries with depreciated exchange, redeem them at face value for U. S.

[wetrust-2] "In Ponzi We Trust". Smithsonian magazine. December 1998. Retrieved 2008-12-21. Ponzi himself was probably inspired by the remarkable success of William "520 percent" Miller, a young Brooklyn bookkeeper who in 1899 fleeced gullible investors to the tune of more than $1 million.