This original schemer brought down six banks with his million-dollar pyramid. Name that Italian con man.

If your crooked ways are so notorious that you have a scheme named after you, then you may just be Charles Ponzi. The con man after whom the Ponzi scheme is named was active in the early 20th century. After creating the "Securities Exchange Company" in Boston, Ponzi convinced investors to put their money toward foreign international reply coupons, after which he claimed redeeming these coupons for U.S. postage stamps would yield profits. He paid off existing clients – and himself – with the money received from new clients. All told, his investors lost around $20 million, and six banks went down with them.

Last updated 5 years ago · 23K views · SOURCE