A Ponzi scheme "is a fraud intended to mislead investors," said Christina C. Benson, an Elon University associate professor ...

The term originated with Charles Ponzi, a Boston swindler who conned investors out of millions in 1920 by promising returns of up to 100% in 90 days on investments in foreign postal coupons.

To further reduce public confidence in the system, Musk has tried to diminish service quality through staff reductions and ...

The phrase Ponzi scheme dates back well before Bernie Madoff defrauded investors out of $65 billion. Between 1882 and 1949, Charles Ponzi, an Italian immigrant, found a loophole in currency exchanges.