You're listening to American Shadows, a production of I Heart Radio and Grimm & Mild from

Aaron Manky.

25-year-old William Miller had a wife and baby, but little else.

The times were tough in Brooklyn, New York in 1899, but that was before he started the

Franklin's Indicate.

Miller, who was the president of a prominent local Christian endeavor society, had speculated

with some success in the stock market.

He claimed to have insider information and a deal investors couldn't refuse, a 10%

return on their investment per week.

His confidence and promise of quickwill convinced three friends to give him money, jumpstarting

his new investment company.

Oscar Bergstrom invested in the Franklin's Indicate first with $10.

Miller handed him a receipt, guaranteeing against loss, and promising $1 weekly dividends

until the principal was withdrawn.

A week later, Bergstrom invested another $10.

It was a con, of course.

Miller's 10% weekly return promised a 520% yearly return.

Miller had no insider information and little intention of guaranteeing anything except

pocketing the money.

Each week, he offered new clients a choice, would take a 10% dividend or reinvest it.

All Miller had to do was keep 10% of their cash to keep the con going.

Investors thought the deal was so good that they told others, and Miller's scheme grew.

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