This documentary delves into the story of one of the most notorious con artists of all time. Charles Ponzi rose to fame, and the term “Ponzi scheme” is coined after his exploits. Before his humiliation, people called this practice the robbing of Peter for Paul. To his credit, his supporters think he has a good idea to cash in on his plan. He promises his investment clients that they can make 50% profit on their business in as little as 45 days, or 100% profit in 90 days.
His idea was loosely based on an arbitrage scheme in which he bought discounted mail-reply coupons from foreign markets and redeemed them at face value in the United States. The reality is that he keeps repaying old investors with money from new investors.
The plan wasn’t his first idea, and certainly not his most exploitative. His attempts to make money also included becoming a registered nurse, starting a newsletter, dabbling in the import-export business and trying to start a utility company. Of course, none of these attempts met with great success.
Ponzi also had its moments of generosity. Famously, he donated the dermis of his back to a burn victim.
The feature delves into his childhood background with Italian nobility, his rise and eventual decline, and the differences between pyramid schemes and pyramid schemes.
Ponzi schemes are a product of that era, and it began its scheme in the post-war era, when people were hoping and looking for ways to get rich as quickly as possible. The ban is also in place, but unfortunately it makes people more willing to choose which laws to break.
It’s the story of an interesting character who clearly seems like a villain but also has moments of generosity that are decidedly above average. For anyone who enjoys studying true crime documentaries or is interested in fascinating historical figures, it’s as educational as it is entertaining.
Directed by: Patrick E. Boyle
