Ponzi's Scheme: The True Story of the Legendary Scam Artist
Our American Stories
iHeartPodcasts
4.6 • 817 Ratings
🗓️ 18 June 2025
⏱️ 12 minutes
🧾️ Download transcript
Summary
On this episode of Our American Stories, Charles Ponzi didn’t invent the Ponzi scheme, but he made it famous and gave it his name. Jonathan Small, host of the Write About Now podcast, shares the fascinating true story of one of history’s most notorious con artists.
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Transcript
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| 0:00.0 | This is an IHeart podcast. |
| 0:04.5 | Adventure should never come with a pause button. |
| 0:07.1 | Remember Movie Pass? |
| 0:08.4 | All the movies you wanted for just nine bucks? |
| 0:11.1 | I'm Bridget Todd, host of There Are No Girls on the Internet. |
| 0:13.9 | And this season, I'm digging into the tech stories we weren't told. |
| 0:17.4 | Starting with Stacey Spikes, the black founder of movie pass who got pushed out of the company |
| 0:21.6 | he built. |
| 0:22.8 | Everybody's trying to knock you down and it's not going to work and no one's going to like it. |
| 0:27.3 | And then boom, it's everywhere. |
| 0:29.3 | And that was that moment. |
| 0:30.7 | Listen to there are no girls on the internet on the IHeartRadio app, Apple Podcast, or wherever you get your podcast. |
| 0:48.2 | And we return to our American stories. |
| 0:57.0 | Up next, the story of the man who lent his name to a scheme you may well know, but the man you don't. |
| 0:59.7 | We're talking about Charles Ponzi. |
| 1:06.6 | Here to tell the story is John Small, the man behind the podcast right about now. |
| 1:07.7 | Take it away, John. A Ponzi scheme is an investment scheme where all the returns are paid to earlier investors |
| 1:15.8 | using the money that was contributed by newer investors. |
| 1:19.3 | So basically what you do is you pay the investors of your Ponzi scheme with the money from the new investors. |
| 1:26.2 | So it's a constant cycle. You have to keep on getting new investors in and the money from the new investors. So it's a constant cycle. You have to keep on getting |
| 1:28.9 | new investors in and the money that the new investors put in you use to pay your old investors. |
| 1:34.9 | Ponzi schemes have been around forever, but they weren't really called Ponzi schemes until |
... |
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