celebrity radar - gossips
Charles Ponzi: The First Man To Run A Ponzi Scheme
Charles Ponzi: The First Man To Run A Ponzi Scheme
The term “ponzi scheme” is a common business term that describes when investors pay money into a nonexistent enterprise, and their money is returned to earlier investors as fake payments.
But many may not know that the term originated from Charles Ponzi — an Italian con artist and swindler. They used his charismatic charm and persona to invest in his made-up businesses.
Who was Charles Ponzi, and how did his name become synonymous with fraud?
From rags to riches
Born in 1882, Charles Ponzi lived in Lugo, Italy, at the turn of the 20th century. While his family had been initially well-to-do, they had fallen on hard times, and Ponzi spent much of his life growing up poor.
He eventually got accepted into the University of Rome La Sapienza to study but ended up spending all of his money and shortly found himself broke and without a degree.
With little to his name, he migrated to the United States in 1903 and began learning English. But as he integrated into his new life, he started to dream of ways to generate wealth.
The man who claimed to only have “$2.50 in cash and $1 million in hopes” quickly found a way to earn a buck.
Ponzi came up with the idea for an international trade journal where he thought he could make a profit selling advertising. But, the bank he sought a $2,000 loan from denied his application, and Ponzi found himself back at square one.
A claim to fame
But, in August 1919, a new idea came to Ponzi. He received a piece of mail that contained an international reply coupon.
The small piece of paper allowed the recipient of international mail to respond without paying for the return mail.
The postal coupon, otherwise known as an IRC, could be exchanged for stamps and potentially a profit if the country where the IRC was purchased had different rates from the United States.
Ponzi’s brain kicked into overdrive. Ponzi claimed he could purchase large quantities of the IRCs overseas and turn them into profit in America.
He quit his job as a translator and started a business around exchanging and profiting off of the IRCs from other countries.
But first, he needed the initial investment to get going. So Ponzi went to several of his Boston friends and asked for their money to get going, promising that he would get them a 50% profit in 45 days and a 100% profit in 90 days.
His charming personality and suave demeanor got him far, but not far enough. That’s why he hired and trained sales agents who would go out and try to obtain more investors to buy into his idea.
Promising the sales agents a commission, these sales agents would pitch Ponzi’s IRC scheme to other wealthy individuals, ensuring Ponzi stayed out of sight and out of mind to those with deep pockets.
Ponzi’s Downfall
Soon, investors began to realize that the math wasn’t adding up. A man named Joseph Daniels filed a $1 million lawsuit against him in July of 1920, claiming that Daniels was owed part of Ponzi’s fortune for money not returned.
By this time, Ponzi lived in a 12-room mansion, had multiple servants, wore fine clothes, and purchased diamonds for his wife. His life was dripping in opulence and luxury — a far departure from the $2.50 he got off the boat 17 years earlier.
But, behind the scenes, a reporter at the Boston Post was investigating Ponzi and his business practices.
Once the newspaper got word of the lawsuit Daniels was filing, they ran a front-page investigative feature on the suspicious businessman, pegging his net worth at $8.5 million.
Today, that money would total over $126 million.
Things around Ponzi quickly began to fail after the article came out. For the first time since World War I, the U.S. Postal office changed the IRC rate less than a week after the Post’s report.
While they claimed the sudden change in pricing had nothing to do with the Ponzi article, they publicly said it would be impossible to do what Ponzi had founded his business on.
He became under initiate by the federal authorities and under the advice of his publicist, agreed to cooperate with the investigation.
Soon, his investors flocked to his office and asked for their investment back. Even under pressure, Ponzi maintained a cool, calm, and collected demeanor.
Ponzi was able to forgo major consequences for another couple of months until it all came crashing down in August of 1920.
The Boston Post came out with another front-page story about Ponzi and fraudulent checks he wrote 13 years earlier in Montreal.
That same afternoon, the bank seized Pnozi’s funds due to irregularities.
The next 15 years followed with Ponzi in and out of prison on federal counts of mail fraud and larceny.
After being released for the last time in 1934, Ponzi was deported back to Italy, telling reporters, “I went looking for trouble, and I found it.”
Back in Italy, Ponzi spent his last years largely in poverty, working here and there as a translator. He passed away in 1949.
Ponzi schemes today
Today, a Ponzi scheme has become a common term used to describe a business scam that “robs Peter to pay Paul.”
It’s characteristically led by a charismatic and energetic scam artist, who exploits potential investors with a fear of missing out on a golden opportunity.
And while it’s been nearly 100 years since Charles Ponzi laid out his first scam, not much has changed.
Last year alone, federal investigators discovered 60 major Ponzi schemes totaling over $3.25 billion in fraudulent scams.
Many became familiar with the illegal business practice named after Charles Ponzi when Bernie Madoff was found guilty of running the largest Ponzi scheme in American history, worth nearly $64 billion.
While Charles Ponzi might have died alone and mostly poor, his name carries with it a denotation of fraud and scheming — something he might be proud of.
celebrity radar - gossips
Among His Peers, Oba Orin Saheed Osupa Stands Out : The Fuji Star’s Storytelling Legacy By Alhaji Arems
Among His Peers, Oba Orin Saheed Osupa Stands Out : The Fuji Star’s Storytelling Legacy
By Alhaji Arems
In the vibrant world of Fuji music, where the artistry of storytelling and cultural commentary thrive, Saheed Osupa has carved out a unique role as both an artist and an influencer of thought. Recently, his name has been lighting up social media discussions and generating significant buzz—not just because of his music but because of the depth of his words. Osupa’s trending status is rooted in his ability to subtly address pressing issues, particularly those surrounding the ongoing tension between fellow Fuji musicians Taye Currency and Pasuma Wonder.
Osupa’s recent contributions to this situation have not been straightforward; rather, he has adopted an artistic approach, using parables and proverbs—sometimes through complex storytelling—to impart wisdom. These nuanced messages, often hidden within his lyrics, resonate with fans who appreciate the clever way he brings age-old Yoruba wisdom into contemporary issues. One notable example involves a story about an animal (traditionally symbolizing patience and resilience) that many believe reflects Osupa’s thoughts on rivalry and pride. Through this parable, he seems to suggest the importance of self-reflection and restraint, especially in the heat of conflict.
In a genre that values not only musicality but also the power of words, Osupa has long been seen as a master of *itan*, or storytelling. His recent songs echo the traditional Yoruba way of imparting wisdom through tales that serve as lessons. This is a skill that few artists have mastered, making his approach particularly impactful in today’s fast-paced digital world, where nuanced messages can often be overlooked.
Beyond the Taye Currency-Pasuma Wonder issue, Osupa’s trending status is also due to his reputation as a voice of reason and maturity in Fuji music. As a genre that is often vibrant and full of competitive spirit, Fuji has its share of rivalries. Yet, Osupa has often stood out by promoting unity and peaceful dialogue among Fuji artists. By sharing these reflective stories in his music, he adds layers of meaning that fans continue to unpack and discuss, drawing new audiences who appreciate both the artistry and wisdom behind his words.
The charm of Saheed Osupa lies in his timeless approach. In a world where trends are fleeting, he reminds fans of the importance of timeless values, urging reflection, humility, and understanding. As fans interpret and share his latest stories, Osupa’s message continues to resonate widely—proof that, in Fuji, the power of words can be as influential as the beat of the drum.
celebrity radar - gossips
What You Need To Know About Award-Winning Nigerian Actor, Mustapha Sholagbade
What You Need To Know About Award-Winning Nigerian Actor, Mustapha Sholagbade
Mustapha Ololade Sholagbade, born on January 1, 1989, in Ebute Metta, Lagos, is an accomplished Nigerian actor, producer, and filmmaker with a deep passion for Yoruba cinema. Originally from Abeokuta, Ogun State, he is the first child in his family. Sholagbade began his education at Kadara Primary School and continued at Sojomen Talabi High School, Akute, and Nawairudeen Secondary School, Ebute Metta. He later earned an Ordinary Narional Diploma in Business Administration from the Lagos State Polytechnic. Pursuing his passion for acting, he trained at Odunfa Caucus, where he graduated in 2010.
Sholagbade launched his acting career in 2005, making a name for himself in Yoruba-language films. His portfolio includes roles in popular films like Olowo Ghetto, Alaimo, Ebun Mi, Esi, Gold and Treasure, Liam, Emilomo Babaolowo, Oko Aunty Mi, Broken Bond (Tude), and Last Born. In addition to acting, he has also produced several films, further cementing his influence in the industry.
Beyond the entertainment world, Sholagbade is a versatile professional with experience in railway engineering, IT support, and site management in the UK. He is also a farmer and general merchant, demonstrating his entrepreneurial spirit and diverse skill set.
Throughout his career, Sholagbade has collaborated with top figures in Yoruba cinema, such as Yinka Quadri, Taiwo “Ogogo” Hassan, Funke Akindele, Femi Adebayo, Odun Adekola, Oga Bello, Baba Wande, Jide Kosoko, Funsho Adeolu, Fathia William Balogun, Saidi Balogun, Wunmi Toriola, and Mide Martins.
Sholagbade’s hobbies include traveling, business, football, filmmaking, and meeting new people, reflecting his dynamic and outgoing personality.
Sholagbade’s talent and dedication to his craft have earned him numerous accolades, including: Best Actor Yoruba – BON Awards, 2024, Best Supporting Actor– Afro Nollywood Awards, UK, 2019, Best Supporting Actor– Heritage Awards, Atlanta, USA, Best Supporting Actor of the Year (Yoruba) – City People Movie Awards, Best New Actor of the Year (Yoruba) – City People Movie Awards.
With his achievements and versatility, Mustapha Ololade Sholagbade remains a notable force in the Nigerian film industry and a proud ambassador of Yoruba cinema worldwide.
Coalition Congratulates Oluyede on Appointment as Acting COAS
The Coalition of Civil Society Groups against Terrorism in Nigeria has congratulated Major-General Olufemi Oluyede on his appointment as the acting Chief of Army Staff, (Ag COAS, Nigerian Army).
The Convener of the Coalition, Comrade Oladimeji Odeyemi, in a statement, said General Oluyede has the responsibility to consolidate the success achieved by the Nigerian Army under General Taoreed Lagbaja.
President Bola Tinubu had on Wednesday, October 30, appointed Oluyede as acting COAS pending the return of the indisposed substantive Chief of Army Staff, General Taoreed Lagbaja.
The Coalition said his appointment is a welcome development. It said: “Major-General Olufemi Oluyede is well qualified for the position. He was a member of the 39th regular course and commissioned as an officer in 1987. Aged 56, he was promoted to the rank of Major-General in September 2020. A professional and top-notch security expert, he brings a lot of hope and inspiration to younger officers as acting chief of Army Staff.
“His appointment is the way to go. As the acting Chief of Army Staff, Oluyede has the responsibility to lead an army that will administratively manage the institution, consolidate on the success achieved by General Lagbaja and his team to mop up remnants of insurgents, bandits and the ragtag criminal elements in the North, and dismantle the ethnic militias in the Southeast to bring peace in the country.
“The 56-year-old Oluyede shares a long history with General Lagbaja, with a track record and excellent service to the nation. Both are members of the 39th Regular Course and were commissioned as officers in 1987.
“Oluyede’s meritorious career began as a Platoon commander and adjutant at 65 Battalion, advancing to Company commander at 177 Guards Battalion and later Staff Officer at the Guards Brigade and commandant of Amphibious Training School.
“Oluyede has been part of many notable operations, including the ECOMOG Mission in Liberia, Operation HARMONY IV in Bakassi, and Operation HADIN KAI in the Northeast, where he commanded the 27 Task Force Brigade.
“He has received honours, including the Corps Medal of Honour, and Grand Service Star, all recognition for passing the Staff Course and membership in the National Institute, and his dedication and achievements in service.”
-
Business6 months agoMaxwell Opara Goofed Says AAS Investors As They Stand By Jesam Michael, Demand For Justice
-
society6 months agoAlleged Assault In Court: Setting The Record Straight, Jesam Michael is The Victim, Not Maxwell Opara
-
society6 months agoExposing The Many Lies Of Wanted Cyber Bully, Dorcas Adeyinka + Her Failed Attempt To Blackmail The Odegbamis
-
Business7 months agoAAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma