Charles Ponzi has ties to Springfield

[Steve]

Not many people have their name appropriated for a misdeed.

But onetime Jacksonville sign-painter Charles Ponzi did, according to Times-Union archives from decades ago.

Recent news reports tell of allegations of Bernard L. Madoff, who is accused of running a phony investment business, or Ponzi scheme, that is believed to have lost at least $50 billion.

Under a Ponzi scheme, funds paid in by later investors are used to pay very high returns to the original investors. The scheme is perpetuated as long as new investors are enticed to get in on the "deal."

Ponzi, an Italian immigrant, gained fame as the owner of the Boston investment company that claimed to pay out 400 percent in profit in a complicated postage business. It is said that Ponzi collected $9.5 million from thousands of "investors" before the company crashed, the investors were left penniless and Ponzi went to federal prison.

Released after serving more than three years, he faced state charges and was found guilty and sentenced to nine years in a Massachusetts prison.

But Ponzi jumped bond and moved to Jacksonville, settling in the 1300 block of Main Street in Springfield. He set up a real estate business, Charpon Land Syndicate, in September 1925 to sell "prime Florida property." In reality it was swampland in Columbia County.

The following February, Ponzi was indicted by a Duval County grand jury charged with violating Florida trust and securities laws.

http://www.jacksonville.com/business/2008-12-22/ponzi_lived_here_infamous_name_tied_to_scheme_was_local


Given Jacksonville today, this seems to fit, doesn't it?

[ChriswUfGator]

Oh I saw that story on the news about the New York guy and can't stop laughing...his name is MADOFF...like MADE-OFF (with your money)...bahahahahaa...

I mean, come on, that's a classic...you couldn't make that up!