Dream Wisely

Everyone wants to be the next Bill Gates or, in my case, the next Stephen King. Yet, no one wants to take credit for turning ketchup green or inventing New Coke.

This reminds me of a man named Charles Ponzi, who has become notorious for one of histories biggest “get rich quick” scandals.

Ponzi was born in Italy in 1882 and at the age of 21 left to find his fortune in North America. He first landed in Boston and then moved to Canada, but because of fraudulent behavior spent a few sordid years in jail. Always on the move, he developed tremendous survival skills. Eventually, he left Canada for the United States and as was his tendency, got caught up in an elaborate scheme to bring illegal aliens into the country resulting in more prison time. However, though difficult to fathom, there was another side to Ponzi, the swindler, who would lend aid to those in need. For example, in Canada he helped a poor family get back on their feet and on another occasion, gave 50 inches of his own skin for a burn victim.

By late 1919, Ponzi, ever clever and charismatic, had now constructed a legal scheme of buying and selling International Reply Coupons that could earn him 230% profit, before expenses, on every $1. He soon began to entice thousands of investors with the promise of 50% return on their investment in 45 days. Over the next seven months, Ponzi collected roughly $8 million which is approximately $100 million today.

His success was fleeting and by August 1920, the government had caught up to him as they proved that Ponzi had been repaying investors with money from more recent investors and was arrested. The move had long been called "Robbing Peter to Pay Paul," but would henceforth be known as a “Ponzi Scheme”. Convicted, he was sentenced to five years in federal prison, spending the rest of his life in and out of jail. At one point in his later life, he returned to Italy to swindle Mussolini’s government and was forced to flee to South America. Ultimately, he died penniless in a Brazilian charity hospital, a dreamer without a good exit strategy and a penchant for taking other people’s money.

He once said of himself, "I landed in this country with $2.50 in cash and $1 million in hopes, and those hopes never left me." So let us make no pretenses about Ponzi, he was a notorious con man and someone who took horrible advantage of others. But, I believe, he is someone we all can learn a great deal.

For instance:
-Success gained improperly is failure
-Don’t take shortcuts.
-Make right choices every day
-Always remain honest
-Never lend your name to a scandal
-Dream wisely

“What is right is often forgotten by what is convenient” - Bodie Thoene

Swavel