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Ponzi scam artists share charm, respectability

Friday, December 19, 2008 2:01:08 PM
By DENISE LAVOIE

 In this Jan. 20, 1935, file photo, Charles Ponzi is shown in the garden of his home in Rome, Italy, after being deported from the United States. Ponzi was an Italian immigrant who cheated investors in Boston out of about $10 million in 1919 and 1920 in a short-lived scheme involving the use of outdated exchange rates for European currency. Ponzi was convicted of mail fraud in 1920 and served time in prison before being deported to Italy in 1934.  (AP Photo, File)               BOSTON (AP) - They're smart and charming. They have an aura of success about them and exude respectability. Above all, they instill confidence.

Which is, after all, why they are called con men.

Bernard Madoff, the Wall Street trader accused of running the biggest Ponzi scheme in history — $50 billion — dealt in more astounding numbers than others but shares many of the basic qualities of Ponzi swindlers through history, according to law enforcement authorities and others who have studied such scams.


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