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Ponzi’s Mustache

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Look at the shit-eating grin Charles Ponzi had when he was getting his mug shot taken after being arrested in New Orleans. Ponzi is synonymous with a pyramid scheme. He grew a mustache and shaved his head in an attempt to disguise himself and flee the country.

According to Wikipedia:

Ponzi traveled to Tampa, where he shaved his head, grew a mustache, and tried to flee the country as a crewman on a merchant ship bound for Italy. The ship, however, made one last American port call; he was caught in New Orleans and sent back to Massachusetts to serve out his prison term. Ponzi served seven more years in prison.

Ponzi’s scheme was essentially buying Italian postage stamps and exchanging them for US stamps. Because of high inflation after WWI, he could make money that way. He offered his investors incredible returns. Then someone figured out that there weren’t enough postal reply coupons in circulation to come close to covering the total amount of investments.

Written by banana

January 28th, 2010 at 12:20 pm

Posted in Criminal Mustaches

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