"Carlo Pietro Giovanni" "Guglielmo Tebaldo Ponzi, that's me." "I'm Ponzi." "I don't want to be ungrateful..." "Here's me 38 years ago." "I just left Italy." "$2.50 to my name." "No one could imagine that in 17 years," "I'd be the richest man in Boston." "It wasn't easy, but I just needed an idea." "THE PONZI SYSTEM" "Can I go?" "You can go." " I'm going." " OK." "OK." "It was about 1900, and work was booming on the east coast." "I worked at a grocery, in a factory, in a laundry, as a waiter, a painter..." "I even put aside a bit of money." "And I wasted it all at the amusement park in Coney Island, an electric paradise." "What's in your legs?" "You don't stop dancing." "4 years of manual labor destroyed my wardrobe, and left me with just one skill:" "mastery of the local language." "Don't move." " OK." " Smile." "And I thought:" "in New York, no one could say my name right," "I just couldn't be Potzi or Fotzi or whatever, so I'd be Bianchi." "So at least..." "Come here." "Come here." "See this cigar?" "How many tips would you need to buy this?" "But it's gone." "No more." "I brought them from Montreal with a dandy like you." "Il signore Zarossi." "He was too successful." "He quit." "And you know what?" "To go into banking." "And you know what?" "He suggested I put my savings in his bank because he had great rates." "But here." "I like eating with Italians, praying and smoking with them, but I'd rather not trust them with my money." "So I left for Montreal." "$1 to my name after my ticket." "Rue Saint-Jacques, Montreal's Wall Street, lined with buildings, banks, insurance companies from England or Scotland." "And in the middle, 2 Italians." "Cordasco on one side, and Zarossi on the other." "Young lady, is Zarossi here?" "The boss, Zarossi, is he in?" "He's not there." "What do you want?" "To what do I owe the honor?" "He's in but he's not taking visitors." "I'm going." "He's leaving." "Zarossi?" "Are you Zarossi ?" "Yes, but I'm leaving." "I'm Charles Bianchi, of the Bianchis in Rome." " Do you know them?" " Of course." "I have a meeting with Cordasco." "It's there." "Cordasco is big." "Cordasco is the king of Italian workers in Montreal." "Does Cordasco take care of Italian workers?" "He's like a father." "He gives them papers, housing, work, a loan, protection..." "I was lucky with Cordasco." "With Cordasco, you'll be safe." "Why do some go to Zarossi and not Cordasco ?" "Some people rather something to happen to them." "Hire me." "I'm conscientious, devoted, no history." "I'm Italian." "I'm educated and have a mind for finance." "I just got here." "I can be useful." "Hire me." "Come back tomorrow morning." "See my secretary." "Mr. Bianchi, of the famous Bianchis." "Dear Madame, know that each night, I personally look after your interests and I can assure you they are growing, growing..." "May I be so indelicate as request your dainty fingers make contact with this unworthy pen so as to execute below our contract one of those arabesque swirls that commoners who do not know you so flatly call a "signature"?" "There." "We wonder if it's the 6% or you bringing everyone in." "6%..." "How can we guarantee that?" "So long as we can..." "Here, here, hurry up." "Let's go." "We'll take what we can." "They'll figure it out." "Unfortunately there's no other way." "I thought communication between Canada and Italy was bad, but no!" "It's much better than I thought." "The Italian worker keeps an eye on his dough including overseas." "In any case, I can't stay." "I'll contact you, OK?" "So, Dona Zarossi, what will you do now?" "He left." "Don't wait for him." "He took all the money." "We don't know where." "In Mexico, it seems." "In any case, here or there..." "It's the era." "This is an... individualist time." "Do you speak the language here?" "And do you speak Italian, at least?" "Dona Zarossi... can I stay with you a while?" "Anywhere..." "On a chair." "Can I?" "Why are you polishing that, Mrs. Zarossi?" "It's been clean a long time." "I'd look for work, but... the only line on my resume says" ""Banco Zarossi, Montreal"." "It's not easy." "Is Mr. Fournier in, Miss?" "You know me." "I'll wait in his office." "He might not come back right away." "That's the risk." "I can't wait." "I'm leaving." "I wasted my time." "That's the risk." "Suit." "Ah!" "Hat." "For you." "Mr. Bianchi?" "No." "Are you Mr. Charles Bianchi?" "No." "I'm Detective John McCall." "OK." "I'm guilty." "I have to tell the court" "I'm not guilty of the charges against me." "Charles Ponzi, AKA Charles Bianchi, sentence:" "2 years in prison and a $500 fine." "Here's your new roommate, Luigi Cassulo." "A real poet." "You're both Italian." "Celibacy's over, Cassulo." "Most happiness." "Luckily, Cassulo was transferred a few weeks later." "I got a new friend, Charles Morse." "A real gentleman." "Hey!" "Are you there, man?" "Know what?" "I'm leaving tomorrow." "You know why?" "I'm sick." "They found toxins in me." "Here's a tip:" "I swallowed soap, it has toxins in it." "But it dissolves." "It doesn't stay." "That's the official reason I'm getting out." "But the real reason is that I was rich and had political support." "I had to do 15 years," "I just did 2." "Isn't that great?" "I did my 2 years." "Since I couldn't pay my fine," "I had to do another month." "One more month for a $500 fine." "And I got out." "My personal fortune: $5... and a suit designed by the jail tailor." "Then I hit the road." "From Atlanta to Blocton, Alabama." "Mine nurse." "Then I did odd jobs for 4 years." "In 1915," "I got to New Orleans... at the same time as a hurricane." "$13 million in damage, 275 dead." "But not me." "But there was a ton of work painting buildings." "But Europe was in WWI." "Italy needed its sons." "I was ready to shed blood." "My blood." "What else did I have?" "So I left for Italy." "My ticket?" "I'm not paying for my ticket!" "The Italian government is paying." "The Italian government won't pay for Italians to go back and fight for Italy?" "Well, that changes the deal." "Please, just a moment." "I want to help, but let's be real." "My things, which were few, stayed on board." "35 years old and a pitiful life." "Let's end it." "Manual labor was done." "I only took white collar jobs now." "And then," "JR Pool import-export company needed a stenographer." "$16 a week." "Very well." "I got a room in Boston, and, was on the tram one day with my landlady," "Miss Lombard." "She was a piano teacher near Somerville, where the Italians live in Boston." "You're quiet." "Are you upset?" "You saw something." "Someone." "Ah!" "It's that beautiful girl." "I know her." "She's a student." "Rose." ""Rose..."" "I'll introduce you, but you'll have to talk." "Rose!" "She saw us." "Come here, dear." "This is my tenant, Charles." "Charles, this is Rose Gnecco." "How are you?" "Her family's from Genova, she was born here." "5 siblings." "Her dad's in fruit and vegetables." "She's a secretary but wants to get married." "Italian girls..." "Italian families..." "My stop's here." "See you next week, dear Charles?" "So?" "How do you like my student?" "I'm going to marry her." "You're really looney." "There are two opposing seduction techniques:" "make them miss you or harassment." "If the first one works, your loved one is irresistibly magnetic." "It's slow, elegant..." "No contact, it's risky, it's fascinating..." "A little magic." "And harassement involves tying up your loved one with as many ties and traps as you can." "Neither method promises your love will be lasting or doomed, shared or one-sided, happy or destructive." "Hello?" "Did you like the moving picture?" "Not bad." "Interesting." "You?" "I couldn't even watch with you next to me." "OK." "That's nice." "I found your roses on my way out." "It's every day, now." "My dad is ranting and you'll ruin yourself." "Don't worry about me." "I want to marry you." "Ah!" "But you're completely..." "I liked walking with you." "Yes, yes..." "Oh, my." " Tomorrow..." " No." " Why?" " Not every day!" "Why not?" "I'm taking my nephews to the beach." ""To the beach..."" "Don't even try to show up." "As if I'd try to show up." "Oh, it's you." "Thanks, really." "You promised, and who turned up?" "I was with my nephews." "Your nephews loved me." "Of course, you bought them ice cream." "You bought them." "Do you think I'm trying to buy you?" "I don't know." "Yes." " Aren't you for sale?" " No, of course not." "So pay me back all I've spent." "No." "Too late." "Too bad for you." "I play the mandolin." "I can serenade you." "My father's armed." "Introduce me." "You haven't even said what you do in life." "I work for the Italian government." "That's what you always say but what does it mean?" "I actually still worked at JR Pool." "Since I deserved it," "I was earning $50 a week." "I'm going to give you a real gift." " You keep giving me gifts." " A real one." "You're crazy." "It's from Tiffany's." "It's worthy of you." "Why did you do that?" "I want to marry you." "Oh, my..." "You can't say no." "Well, no." "Now I can't say no." ""Dear Madame, I am writing to you," ""because my son Carlo told me of his plans to marry you." ""I don't know your feelings on the matter," ""but I must warn you of things he may have..." ""hidden."" ""My son, Carlo Ponzi, is not a bad man." ""He's a floundering soul" ""incapable of following anything through," ""incapable of resisting temptation," ""a spendthrift, thoughtless, and manipulative." ""His temperament has led him to many failures" ""and even prison." ""Perhaps he has not mentioned that." ""He says it wasn't his fault," ""but that of an inflexible, unfair court." ""If you love him enough," ""you might believe it, or forgive him."" ""If, despite it all," ""you have accepted my son's offer," ""I ask that you not reveal" ""my correspondance with you."" "For better or for worse, by the holy bonds of marriage." "My only regret was not bringing my mother." "Oh yes." "Too bad." "It was too bad." "She'd love it." "You're pure American beauty." "Why don't you ask for American citizenship?" "You live under that black curtain, we can't even talk." "I'm immortalizing you." "You'd rather perpetuate me." "Let's wait for the means." "No need for means." "You just need an idea." "I'll find it and then I'll have the means." "When I have the means," "I'll ask for..." "American... citizenship." "I got to her place and,..." "Look at the Italian lira, for example." "It's dropped since the war." "It was 5 lira for $1." "Now it's 3 to 4 times that." "You can speculate on some European currencies." "As long as you accept the risk." "Buy when it's low, re-sell when it goes back up." "Because it's unstable now." "You'd need the means to buy the currencies." "Lots of them." "You love stamps more than me." "Because of my father, a mailman in Parma." "I'm not worth much if you prefer the stamps." "What are you saying?" "My dad wants to see you." "What are Gnecco Brothers' assets, now?" "How much?" "$5,000." "And the liability?" "Debt?" "At least double." "Father, I'm going to dedicate myself to Gnecco Brothers." "5,000 in, 10,000 out." "We'll jump right in and save this family business." "I want to be president." "And treasurer." "President and treasurer?" "Or else I can't do much." "I need to be able to..." ""President and treasurer." OK." "In the autumn of 1918, Charles finally worked for himself." "He ran my father's fruit and vegetables business." " No." " No." "5,000 in assets, 10,000 in debt." "Give me the 5 000 and I'll make it grow." " No." " No." "Between risk and nothing, you pick risk, right?" " It's a no." " I'll pay it all in a year." "When a company is bankrupt, you don't place its assets, you pay its creditors." "Any Wall Street fat cat does it." "So, yes?" " No." " No." "No." "Thank you." "If you're our lawyers, what do our adversaries have in store?" "Charles, we're not mad." "It was impossible." "You fought hard, but it was a compromised situation." "It would have been a miracle." "It was a losing fight." "Don't worry." "Mom is..." "She..." "No more job... no more company..." "I'm not going back to working for someone." "We don't need much." "I won't go back..." "We set some aside." "I'll work for myself." "My mother..." "She left me something." "If you stop buying gifts and stamps, we'll survive." "We won't survive, we'll take off." "I'll slow down the stamps, but not the gifts." "With the nest egg, I rented 2 offices in a building on School Street, number 27." "I bought $350 of furniture from a guy, Daniels, to pay in monthly installments." "My idea was to use my import-export experience." "I need publicity." "That's expensive." "Circulars are 5 cents a copy, a lot more abroad." "No." "That's worthless." "I'll be dead on arrival." " Come on, honey." " I need an idea." "Come on." "That's it." "Got it!" "When you can't buy what others are selling, you have to sell it yourself." "Yes..." "My idea was to create my own publication:" "The Trader's Guide." "Make a name doing publicity for others." "A guide in 6 languages:" "English, Italian, French, Spanish, German, Portuguese." "First we'll send 100,000 free copies to companies listed with the chamber of commerce." "We'll update it every 6 months for the same companies, plus 100,000 more each time." "The first shipment will be 35 cents a copy." "By 100,000, that's $35,000." "150 pages of ads at $500 a page plus $5,000 on the cover, that's $80,000." "Minus the rent and salaries, that's $15,000 in profits in 6 months." "The next 6 months, 30,000, and so on." "So long as there's dollars in America." "What can I do for you?" "I'd like to take out a $2,000 loan." "In who's name?" "I have an account here." "Sure, Mr. Ponzi, you do, but it's very small." "You're so small that loaning you $2,000 is giving you $2,000." "You're not interested?" "It's not that, Mr. Ponzi..." "Have you seen other banks?" "I'm sorry." "You have to go." "I can't keep you." "I can't pay you." "I made a mistake." "FOR RENT" "You pull out." "You always do." "Just before finishing, you pull out." "Why?" "Stay." "Stay to the end." "At least once." "We'll have it all." "First I save your family, then I make it grow." "I was in my office for rent, which had no takers." "It was August, 1919, and I got a letter from Spain." ""Would you be so kind as to send me a copy" ""of your Trader's Guide?"" "I turned the letter over," "I saw a strange piece of paper attached." "A coupon." "It said "international reply coupon"." ""International reply coupon."" "And immediately," "I thought of something." "It came to me right away." "You know, ideas come quick, they're fast." "Explain, please." "At the turn of the century, sending mail abroad was complicated." "Stamps were valid within a country but not between them." "In April, 1906, 63 member states of the IPU, the International Postal Union, met in Rome to iron out international postal exchanges." "They invented the international response coupon." "But that, that only works if the currencies in member states are stable between themselves." "But the war had led to currencies crashing in many European countries." "It was all set." "They hadn't had time to put it into order." "You speculated on European currencies." "Yes." "The coupon I got was from Spain." "For $1, you could buy 22 Spanish coupons." "But in Italy, for the same dollar, you got 66 coupons." "If you went to Boston you'd have $3.30 of stamps." "A 230% profit." "230%. $3.30 for $1." "Get it?" "I don't know." "It seems good." "I don't know if I get it." "I hope it doesn't drive us to the bottom." " We're already at the bottom." " What does this cost?" "Nothing." " Then do it." " Yes." "I will." " I need something to start." " Yes." " To buy the coupons." " Find investors." "That's what I thought." "Some big investors." " Yes." " I can't find them." "Well, just tell them your plan!" "I don't tell them too much or they'll copy me." " Are you stuck?" " Yes." " I was almost there." " Ah." "Ah, I get it." "You want my jewelry." "The jewelry you gave me." "You want to sell it." "No." "No, no, no..." "My jewelry, of course." "Your gifts." "You want your gifts." "I'll find something." "Take them." "Take them." " I won't sell them." " No?" "I'll deposit them with a lender." "Ah." "400 bucks for the trinkets, 50 for the ticker." "It's gold." "Fortunately!" "Are you interested in investing in a lucrative business?" ""Investing"?" "With guaranteed huge profits on the exchange rates." "You know, pawnbrokers, we have traditions." "For example, not investing in businesses of people who bring their family jewels." "Hello?" "My $5 a month for the furniture." "You're late." "I don't have them." "I'll take it all." "Wait." "I'll make you a proposition." "Lend me $200." "You're a perpetual borrower." "I hate them." " No." "That's swindling." " Listen to me." "Do you want to get into a stupendous business?" "Just think, by exchanging response coupons bought in Italy, you multiply your investment by 3.3." "It's legal and fail-proof." "So?" "Interested?" "We'll see." "And the loan?" "The $200?" "We'll see." "No big investors, so he looked for small investors." "He talked to friends, and friends of friends, and friends of friends of friends." "Finally, strangers." "He guaranteed 50% in 90 days." "I can't tell you more." "The ball's in your court." " I'm not a scammer." " It's not a scam." "It's guaranteed by the Postal Union." "The post office..." "Do you think they're scammers?" "I just had a child." " What's his name?" " Frederick." ""Frederick", great, very American." "No." "It's too risky for me." " Sorry." " No problem!" "I'm sorry." "You came for nothing." "Bye." "Good luck." " Just a second." " Yes?" "You have a grocery." "People come in and out." " Yes." " Send me customers, and you get 10% on each payment." "You'll be an agent of the Securities Exchange Company." " OK?" " I don't know." "It costs nothing!" " Let me think." " No." "Don't think." "Do." "January, 1920 18 depositors - $1,770" "The grocer sent 18 people and $1,770 to the Securities Exchange Company." "The grocer invested himself" "$10, to set an example." "People started talking." "Skeptics wanted to know where the coupons were from, how I got them." "I have an employee, Lionello Sarti, on the transatlantic line." "He buys them in Italy and brings them here." "The rest is a professional secret." "Franck Pope." "Financial unit." "We're watching." "I protect people from swindlers with unreasonable interest rates." "But I'm not lending." "They're lending to me." "Will you protect me?" "In any case, we're watching." "My uncle Danderro wants to invest money in you." "$2,000." "Staying in the family." "February, 1920 14 depositors - $5,240" "My cousin Danderro, too. $2,000." "Staying in the family." "Back for your trinkets?" "The jewelry, yes." "And the watch?" "That, too." "It matches the suit." "May I?" "Well-stitched." "Rosenberg, want to make an investment?" "Yes?" "No?" "The suit is signed." "It looks like things are going well for you." "But we see when things seem something." "Here it is, Daniels: $200." "Ahead of time." "Where's this from?" "Make an investment, Daniels." "Yes?" "No?" "I'm taking my furniture back." " Yes?" " Mr. Ponzi?" "You're overdrawn at Fidelity Trust Company." "We've ordered seizure of your assets." "Send your lawyers to mine." "I'm the new director of the Securities Exchange Company, which is profiting well." "Sit down, Daniels." "Vinzo Vigarello." "Restaurateur." "I'll invest $240." "Francesco de Lorenzi, merchant." "$120." "$250." "Attilia Giulliani." "Ponzi's neighbor." "$450." "Eric Bollonini." "Restaurateur." "$1,700." "Massimo Nappi. $1,200." "With my wife, Simona, $400." "$400..." "Everything I have: $9,000." "Percy Lamb, businessman, formerly in textiles," "$600." ""Percy Lamb..."" "You're of English stock." "Indeed." "March, 1920. 120 depositors, and $22,200 more." "Work for me." "I only attract Italiens." "I need Americans." "Englishmen, Irish, Jews." "I'll give you 15%." "I can do that." "One day I got a letter from the tax authorities." ""Following your request, we inform you" ""that international response coupons" ""are to prepay returns of international mail." ""Therefore they can be exchanged for stamps" ""in other countries and nothing else," ""certainly not for their monetary value."" "A $750 profit for a $600 investment in 3 months?" "Should I understand you wish to invest with me?" "Why wouldn't I, my son?" "No reason." "We work with people in all fields." "I don't have the money now." "My parish has a fund for repairs." "They won't need it for a few months." "Obviously I can't risk this money." "I understand." "It has to be something sure." "It is." "If for any reason, I need the money before it reaches maturity...?" "I'll return the principle whenever you ask." "I do it for anyone." ""Therefore these coupons" ""may in no case be subject to speculation," ""and the postal administration will not allow" ""them to be used to such ends."" "Frank Truman. $205." "Barry Hoax." "Restaurateur." "I'll give..." " $50." " Me, too." "$70." "Dorothy Parker." "Accountant. $500." "$500." "Martin Nickel." "Businessman." "Martha Nickel." "His wife. $800." "Paul MacCathy. 15." "Messenger. $13." "Rose Ponzi. $70." "Honey..." ""Here are $500 for you, my dear mother." ""Exchange them at the bank for 10,000 lira." ""It's a lot for you." "For me it's not much." ""And soon it will be nothing," ""a drop in the ocean that cruelly separates us." ""Love, your son."" ""Lucy Meli"?" "I was born in Sicily." "April, 1920 $27,000 a week" "I have too much cash." "I don't know what to do." "I filled the drawers." "You'll help me with it." "I pay well, I just need someone loyal who doesn't ask questions." "I was born in Sicily." "Since we have a great police force in Boston," "I'd like to contribute to the widows and orphans of law officers who have given their lives." "Here are $250 cash for your work." "The Boston police won't forget this." "I'll be seeing you soon." "Personally." "To make an investment." "Why come back?" "You're already here." "I don't have it now." "I want to invest $300, and I just have $50." "Plus the $250 I just gave you, that's $300." "It's there." "You think so?" "Of course, Commissioner." "Of course." "Sign here." "April, 1920 $121,000" "But in April, 1920, the European postal authorities put an end to the international response coupons." "Ponzi knew it then, I think." "But I didn't." "I put the money away, filled the log..." "The coupons weren't my affair." "No one knows they stopped." "No one cares." "What they want, is to continue." "And I... won't stop." "So, Bianchi..." "You've made it." "Congrats." "I don't even have a job." "But we went to the same school, eh?" "In Montreal." "May, 1920 $136,000 449 depositors Average: $300" "What do you want?" "Do people know about your studies in Montreal?" "What do you want, Cassulo ?" "Money?" "A job?" "Why not both?" "Wait here." "That's it." "It's done." "I'm here." "I'm with you." "You're my wife." "My mother." "Now my father." "I was so afraid to lose them." "And I did." "Do you trust me?" "I wish I'd given them a grandchild." " Look..." " I just have you." "That's a lot." "What is it, boss?" "Your stomach." "Do you have an ulcer?" "You're my ulcer, Cassulo." "I have a job for you." "At the port in New York, there's a cargo with bottles of cognac." "Hennessy 3 stars." "My favorite." "Bring it to me." "The Prohibition people are careful." "Cassulo..." "Isn't Prohibition is your business?" " You drive a Hudson?" " It's a must." "You could drive something bigger." "Like what?" "A Locomobile." " I want it." " $13,000." " I want it." " It's yours." "July 1." "In 3 weeks." "We make them to order." "$1,000 more for you." "July 1." "It's yours." "The fountain works." "You just have to clean the leaves off the tennis court." "It's too much!" " Is there gas?" " No." "There's no gas." " We'll put it in." " No need." " You won't be cooking." " A house, not a manor." "Lexington Street is never very busy." "It's good for people with a flourishing business and don't want people to know." "Indeed." "Upstairs there are four sumptuous bedrooms." "For us and our large family?" "I don't mind if people know, but my wife likes a modest appearance." " How much?" " Let's go back home." "Nothing's more modest." "So?" "How much?" "Well..." "You tell me." "25,000." "That's low." " 29,000?" " That's sad." "39,000." "Think about it." "Gentlemen." "June 12, 1920 $499,000" "At the Securities Exchange Company office," "I built two windows, like in a bank." "Sir, you needed a deposit record." "I created a filing system." "You're a great Sicilian." "You've always got my back." "Your cognac!" "Right behind the Probi's back." "Unseen." "No!" "He did it!" "That's the Montreal school." "Quiet, Cassulo." "It looks like you're rich folk." "My mouse and I found a Dutch colonial hovel in Winthrop." "The seaside atmosphere calms our nerves." "And your appetite?" "That's not even a day's work." "14,000." "For my fake fees." "He's drinking it." "Don't ask, Miss Meli." "I also bought a pasta factory, a canned sardine factory in Maine, a meat packing plant in Kansas." "All food factories?" "When you're hungry, you can pick investments." "What else?" "Banks." "Which ones?" "Hanover Trust Bank in Boston, which 9 months earlier refused to lend me $2,000." "We are proud, on behalf of Hanover Trust Company, to salute our main shareholder and CEO," "the backbone of our bank, and one of the greatest, most glorious Bostonians," "Charles Ponzi." "I'm not much for speeches." "I'm a man of action and heart." "Bravo, Charles." "That was great." "Unexpected." "Melancholic." "The check!" "Bring me the check." "Il conto!" "Charles, you're our guest." "It's in your honor." "The bank's buying." "I am the bank." "How much?" "$640." "Here." "Settled." "Lovely summer night." "I like it when it's hot at night." "Having a foot, a hand, an eye, a bag in each bank." "Hanover Trust," "Old South Trust, Tremont Trust" "Cosmopolitan Trust, Fidelity Trust." "Take back the $1,000 bracelet." "I don't wear $1,000 bracelets." "But the necklace...?" "You like it." " How much was it?" " I can't say." " More than the bracelet?" " Of course." "A bracelet, a necklace,..." " If you don't go, I will." " What would make you happy?" "I don't know." "Nights... with you... talking, singing." "But it's above your means." "Nothing's above my means." "Time, sweetness, sleepiness, a child... my happiness." "In July I'll take you on a honeymoon." "A second moon." "There's one moon." "No." "As many moons and as much honey as we want." "Do you think that 2nd honeymoon in Italy happened?" "Instead I got a dog." "A little dog." "June, 1920 7,600 subscribers - $2.5 million" "Franck Pope." "Financial unit." "You plan on buying coupons in Italy, but the Italian postal service stopped issuing 2 months ago." "We're watching." "Issuing but not selling." "Existing stock wasn't destroyed, business goes on." "Miss Meli, see these gentlemen out, please." "OK." "Yes?" ""In light of the loan I gave you," ""I am an investor in your company." ""Therefore I claim rights to 50% of profits."" "For $200 of furniture?" "Does the hot dog seller who feeds me get some, too?" "I'm demanding $1 million." "The suit has been filed." "My attorney froze 5 of your accounts, around $700,000." "You're sick, Daniels." "Maybe." "We'll see." "For the first time, my name was in the Boston Post." ""Bostonian sued for one million dollars."" ""A Bostonian."" "That's me." "July 7,1920 $300,000 withdrawn" "Sir!" "It's the crowd." "They want their money." "What do we do?" "He decided to pay." "Everyone." "All withdrawals without a fuss." "Every cent." "Sir, it seems the bleeding has stopped." "The depositors are after them." "July 12, 1920 $120,000 deposited" "You pulled out again." "That's what they taught me." "Who taught you?" "Then his mother came." "lmelde." "I hadn't been back to the Boston port since I came 17 years earlier." "17 years." "I greased an officer's palm to go right to the immigration building." "Mamma, I'm here!" "Mamma, mamma, it's me." "Carlo!" "17 years, Mom." "A miracle!" "That boat was purgatory." "Come here, Mom." "Come." "This is Rose." "My wife, my heart, Rose." "Mom, I'm so happy to see you." "How are you?" "This is our dog." "Like our child." "But he has no name." "Look, Mom." "Today's paper." ""The CEO of a company started a few months ago" ""which began on a shoestring" ""today is estimated to be worth $8 million." ""Investors all saw their money double," ""triple, quadruple..."" "Did you see, Mom?" "Nice." "Don't move." "Ah." "Telephone, honey." "Thanks." "Hello?" "Sir, it's exploded." "Since the Post article, it's exploded." "The whole town wants to invest with you, see you, congratulate you." " I'm coming." " Good." "Is all this real?" "Is it a dream?" "Is it real?" "That's why I take photos, Mom." "So we can see when we're awake." "July 17, 1920 $450,000 in one day" "It's exploding." "I've never seen this." "People will die." "I'll call the Pinkertons to control the crowd." "What's this?" ""Old Colony, 50% interest in 45 days."" "They opened today." "Same floor as us." "It's always full there, too." "Can't Cassulo go scare them?" "You sent him to Michigan." "Commissioner O'Brien." "I owe you money." " In 4 days." " "4 days." Sure." " Are you withdrawing?" " No." "I'm letting it grow." "Good idea." "Commissioner, you must investigate this Old Colony Foreign who knows what." "It seems dishonest, this 50% in 45 days." "Why do you say?" "I can't say, it's an instinct." "But please, investigate." "I'm sure you'll find something." "Ponzi!" "Ponzi!" "Ponzi!" "Ponzi!" "The public eye has some inconveniences." "My name started selling papers." ""Charles Ponzi, they say, invested his massive fortune" ""in banks and companies with at most 5% interest." ""The question is:" ""why not invest his huge fortune in himself?" ""When you guarantee people 50% interest," ""why not take advantage yourself?" ""Why accept 5%?"" "It was obvious." "What did you do?" "I hired a guy, McMaster, to take care of what the papers said." "Did it work?" "Initially." "Then..." "You answered our summons." "Yes, Mr. Assistant Attorney General." "I have no fear." "That's the best way to make us believe." "You guarantee a 50% interest in 45 days." "I pay back those who ask for it before term." "Have you heard otherwise?" " Never." " No one." "So tell me, counsel, why don't you invest with me?" "No, Mr. Ponzi." "We don't invest." "We "investigate"." " Are you suspicious?" " Yes." " We suspect..." " You pay the first ones with money from the last." " It lasts..." " When it's coming in." "We need a list of countries the coupons are from." "And the identity of foreign buyers." "I don't have to provide that." "But I'll do better." "Audit my books." "I'll open my books." "You look and count it all." "You pick your expert." "Your expert?" " Pride?" " Pride." "Pride, he's good." "He's thorough." "During that, I won't take a single dollar deposit." "I'll pay back those who want to withdraw." "During the audit." "May I?" " It's a lot, huh?" " It's a lot." "You don't have to." "You have to stop the accounts when you want to count them." "Lucy Meli, stop everything." "No more deposits." "No more, no one." ""A riot"?" "I imagine." "We'll pay them back." "Everyone." "Yes." "Thanks, Lucy." " "Pride"?" " He counts well." "Pride counts well." "You aren't a US citizen." "Why?" "Oh!" "Yes." "Why?" "I have American popularity." "When the audit started, people said I'd be future mayor of Boston." "Governor, one day." "Charles is my husband." "I said I'd be faithful to him, I know he's honest." "We were poor and he earned his money legally." "Please stop the flashes." "I'm tired of answering your questions about my private life." "It's like anyone else's." " Are you with the Reds?" " With the Soviets?" "Do you work for Lenin and Trotsky?" "Are you a Bolshevik?" "Did you create a plan to finance Soviet Russia and destroy American banks and financial institutions?" "Who thinks that?" "Important people in Washington." "PONZI STOPS!" "HE REIMBURSES" "Sir, is it true we won't start again?" "We will, Lucy Meli." "But for now we're paying back." "You should go out, Sir." "They need to see you." "It won't stop the withdrawals." "They withdraw, they see you, they put it back, withdraw." "Don't try to understand the crowd." "The Post put that out." "It was time for them to see." ""To cover the sum of $8 million" ""representing the assets of Mr. Ponzi's company," ""you would need 160 million international response coupons." ""But the International Postal Union has informed us" ""following inquiry" ""that there are only 27,000, in the USA," ""and a little less in Italy." ""We're wide off mark."" "Is it true?" "A few hundred of." "You were screwed." "No." "Reality is one thing." "But when people want to believe, it's not important." "It's not impossible for me to support candidates who would do away with this insufferable" "Prohibition or that I take care of the politics myself!" "July 27, 1920 $620,000 leaving" "Sir, withdrawals are up." "Can we pay them?" "Yes, Lucy Meli." "I'd like if the Daniels suit didn't freeze 5 accounts but we have it." "How is the addition coming, Pride?" "There's a lot of subtracting, too." "I'm ready to give the Securities Exchange Company" "$10 million." "Think, but not long." "There are other offers." "Yes, dear friend." " When's the audit?" " In 2 days." " Positive?" "Negative?" " 2 days." " Are they withdrawing?" " Less." "McMaster called." "The Boston Post bit the dust." "We won't hear from them." "He said they sent someone to Montreal." ""Montreal..."" "I'm Hanover Trust's biggest client." "You have $5 million." "I just need it for one hour!" "I'll bring it within an hour." "I'm not familiar with these operations." "Or I'll close my account and Hanover Trust crumbles." "You can't take anything out." "Comptroller Allen ordered it closed." " He can't do that." " But Governor Coolidge can." "And he gave the order to Comptroller Allen." "August 12, 1920" "It's the day of the audit, so no one is withdrawing." "They're waiting to invest again." "I'm withdrawing." "You never know." "Boston Post!" "Ponzi, AKA Bianchi, involved in the Canadian Zarossi bank scandal, in 1908." "That's not me. "Bianchi..."" "It's just not me." "Ponzi spent 2 years in jail in Montreal for embezzlement!" "It's not me!" "It's not me." "Poor Rose." "Her husband, the white knight rotted in a cell." "He didn't want her to know." "But she knew." "She knew before they were married." "She always knew." "The audit by our expert, Pride, reveals" " A debt of..." " Mr. Pride?" "$4 million." "That's false." "You're mistaken." "Of course not." "I'm at least 2.5 million in the black." "No. 4 million in debt." "Do you acknowledge the audit results?" "Mr. Ponzi?" "There's an error... but yes, I accept the audit." "PONZI BROUGHT TO JUSTICE" "Plead guilty." "Please." "Guilty." "Never." "Or it's the maximum." "The lawyer said." "Never." "November 29, 1920" "I plead..." ""Guilty." Please, God, "guilty"." "...guilty." "2 years sentence." "Bravo!" "Bravo!" "Giustizia!" "Giustizia!" "November 30, 1920" "I, Baron of Goldagen," "I got my 50% but see it as dirty money." "I don't want it." "It's for the victims." "I was never involved." "I sell furniture." "He bought furniture." "He paid, I gave it to him." " That's it." " Bravo!" "I always invested my salary in the Securities Exchange Company, and my parents' savings." " It's too much like a scam..." " To not be one." " A real scam..." " Looks like a scam." "Or we don't go." " If it looks like a scam..." " We go." "Scams attract people." " If it's a scam..." " They go." " Or else.." " They won't." "That's how it works." "We don't know why." "A promise of profit isn't a crime." "Circumstances change and alter the conditions of the promise." "5 years in prison." "1922, second trial." "1924, released." "1925, third trial:" "United States versus Charles Ponzi." "7 years in prison." "I'm appealing the sentence." "The appeal suspends the sentence." "Charles and I spent a few months together in Florida." "This time, it's real." "I'll buy 100 ha near Jacksonville" "$40 per ha." "I divide them all in 23 lots." "I sell each lot for $10 and earn 5 times my investment." "I guarantee..." "One year for breaking Florida's federal laws." "He didn't go back to jail." "He fled." "He changed his name, face." "And then..." "He talked too much." "They got him." "I went back to Italy." "I'd rather die there." "And you see..." "I'm not dead." "He lived out the Crash in prison." "He was paroled in 1934." "He wasn't a US citizen so he was deported." "He became a tour guide in Rome." "I asked for divorce." "OK." "What are you doing?" "I'm not done." "I had an in with Mussolini." "ATl, Italian aeronautics." "You know?" "I ran an airline." "Rome-Rio, Rio-Rome." "The company went under." "Mussolini must have been mad." "I disappeared." "Here, in Brazil." "You found me." "OK." "Now it's over." "Thanks." "You thank me." "And you're right." "I did a lot for the US, you know." "Are you married?" "In a way." "To whom?" "To you." "Are you in good health?" "Not bad." "I survived a heart attack." "My vision's bad." " Your stomach?" " Ah..." "Cured." "They operated." "Your vison?" "I can barely see." "And you?" "Are you making it?" "I work in a night club." "You never remarried?" "No." "I had no children, after you." "Why?" "Religion." "Why does everything go bad?" "Why did you never ask for US citizenship?" "Why?" " Because of your record?" " No." "So why?" "I didn't want it." "Didn't I fight hard?" "I worked the system where it's biggest and most vulnerable:" "the gut." "Do you dream about coming back to Boston?" "Sometimes." "Really?" "Yes." "I'd like to go back." "See you again." "Really?" "I want to die there." "In Boston." "Really?" "They can bury me in one of Daniels' armoires." "When do you leave the hospital?" "Christmas." "I'm in great shape." "Sometimes I think you could come, live with me." "Imagine." "What would people say?" "Do you have money?" "$69." "Let it stay $69." "Unless I get an idea." "Subtitles:" "Eclair Group"