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Charles Ponzi (D.1949) Born and raised in Italy, he became known in the early 1920s as a swindler in North America for his money-making scheme. 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 U.S. as a form of arbitrage. In reality, Ponzi was paying earlier investors using the investments of later investors. While this type of fraudulent investment scheme was not originally invented by Ponzi, it became so identified with him that it now is referred to as a "Ponzi scheme". His scheme ran for over a year before it collapsed, costing his "investors" $20 million ($271 million in 2022).

Ponzi may have been inspired by the scheme of William F. Miller (also known as "520% Miller"), a Brooklyn bookkeeper who in 1899 used a similar deception to take in $1 million (approximately $35 million in 2022).

Offered is a very rare and seldom seen image of Charles Ponzi. 1934 Vintage Press Photo by ASSOCIATED PRESS that measures 8” x 6” in size.  Stampings from December 13 and 14 – 1934 from the Minneapolis Journal Library.  Most likely published due to his release from prison in 1934.