The legacy of Charles Ponzi lives on. Ponzi did not invent the scam that pays early investors a return from the investments of later investors, as that dubious honor goes to William F. Miller, a character from the late 1800s known as “520 Percent Bill.” Charles Ponzi’s name, however, became institutionalized as the symbol of a fraudulent business model of the 1920s that led to a decade known as the Great Depression.
Only time will tell if Bernard Madoff’s alleged actions as outlined in the Securities and Exchange Commission’s action against Madoff and Bernard C. Madoff Investment Securities LLC on Dec. 11 will become a legacy that exceeds Charles Ponzi’s.
