Bubbles, Scams & CrashesFraud History
Ponzi Wasn't First
A Boston woman ran the same scheme 40 years earlier
Forty years before Charles Ponzi, a Boston bank for women paid 96% a year. Where did all that interest come from?
You'll find out
- Where the 8% a month came from
- The charity fund behind the bank
- How it came apart in 1880
Why it matters
The scheme kept its shape for 40 years and only changed its name. Seeing it once makes it easier to see again.
Play this lesson
Free to play in your browser or on iPhone