Ponzi invented paying old investors with new money.
The pattern is older. The 1920 Boston collapse is the English namesake, not the first instance.
The Boston criminal story was over by the mid-1920s. The word outlived the man by a century.
Myths cluster around originality, hidden coupon stockpiles, and casual inflation of the 1920 totals.
Still open
- Exact dollar tallies — No Picard-style reconstruction exists. Historians work from contemporary estimates and partial books.
- Earlier unnamed schemes — How to periodize pre-1920 pyramids is a historiography question, not a reopening of Ponzi's guilt.
- Agent networks — Some recruiters' later lives are poorly documented. They are a social-history gap, not an unsolved crime.
- Florida chapter — A later land-promotion episode is thinner in the standard encyclopedia file than Boston 1920.
- Why the name beat older labels — Legal linguists still ask why 'Ponzi' displaced earlier phrases. That is philology, not a new docket.
Myth vs record
Warehouses of reply coupons would have made the returns real.
1920 reporting showed global coupon issuance was far too small. The instrument was real; the scaled investment engine was not.
He was never convicted in court.
He pleaded guilty to federal mail fraud in 1920 and was convicted of Massachusetts larceny in 1925.
The losses rivaled modern billion-dollar cases in 1920 cash.
Period figures are about $15-20 million then. Later cases are larger in nominal dollars; comparisons need inflation and market-size context.
Local notes
Boston Post as a syllabus object
English-language journalism history still starts the Ponzi story with the 1920 Post, the way Enron stories start with the Journal footnotes.
Barron's as finance-press ancestor
U.S. and U.K. market writers cite Barron's coupon arithmetic as an early example of a publisher doing enforcement's math in public.
Etymology columns
Style-section explainers recycle the surname every time a later case breaks. The encyclopedia keeps the 1920 docket attached to the word.
The aftermath is a word that still travels and a 1920 Boston file that is smaller, and clearer, than the myths.
Public-record encyclopedia. Not legal advice. Not a how-to. Graphic detail is withheld. Wars belong in a separate atlas.