Planet Money

Charles Ponzi was down on his luck. In 1919, the Italian immigrant had spent a decade and a half in the U.S. He was looking for a way to get rich and tried his hand at everything — including bookkeeping, sign painting, grocery clerk, dishwasher, and librarian.He caught a lucky break in August, when he received a letter from Europe. In the envelope was an International Reply Coupon, a clever way to prepay for international postage. Ponzi realized he might be able to use these coupons to make his fortune. All he needed was investors.What happened next made him a household name. This is the story of the man behind the eponymous Ponzi scheme — a tale of financial fraud that lives up to its linguistic legacy.(Note: The original version of this episode ran in 2023.)Read Planet Money:  • Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life  • Our weekly longform Planet Money newsletter • Our weekly Indicator round-up newsletterFollow Planet Money:  • Instagram • TikTok • YouTube • FacebookList