This is just the beginning! Our collection holds over 300 years of history, including rare newspapers, obituaries, marriage records, birth records, and so much more—most of which you won’t find anywhere else!
This newspaper page contains 10 articles. Subscribers can read the full text of each article.
Newspaper
Boston Post
Location
Boston, Massachusetts, United States of America
Date
Jul 30, 1920
Page
11
Government probes into Ponzi schemes intensify as officials reveal little progress while Ponzi claims solvency and fast profits. District Attorney Pelleteer audits Ponzi books and summons Old Colony Foreign Exchange officers, who switch from notes to stock certificates before a cautious inquiry.
Authorities probe Old Colony Foreign Exchange and Ponzi scheme as auditors search records. Brightwell and associates give details on cash inflows and roles while courts seek injunctions and Ponzi appears for next hearing as investigators map assets and international coupon activity.
Charles Ponzi said a New York banker offered $10 million for his business and he has not decided whether to accept. He plans to resume operations in Boston and other cities after audits by district attorney investigators. Ponzi noted he paid about a quarter of a million dollars to customers and that note syndicates had limited presence at his School Street offices.
An advertisement urges readers to take BITRO-PHOSPHATE for fatigue weakness anemia and poor health. It claims phosphorus deficiency causes many symptoms and promotes the product as prescribed by physicians with a $30 guarantee and health guidelines.
News from Newark reports Charles Ponzi's scheme expanding to New Jersey with Clifton and Bayonne offices. Bayonne saw about 150 investors, mostly Italians, entranced by “paid on demand” or 50 percent profit after 45 days. Clifton branch claimed 100000 invested and all investors paid back plus 50 percent profit.
Washington officials announce new conversion rates for exchange and state there is no method to profit through speculation in postal money orders. July 29 report notes government stance and rate changes.
The Post Office Department announced effective August 15 new international postal money order rates. Officials said no profit scheme via foreign exchange exists and no speculation is possible under the international agreements. Rates include Great Britain four dollars for one pound, Netherlands 33 cents per guilder, Sweden 24 cents per krona, Denmark and Norway 20 cents per krona, and France Belgium Italy one dollar per 10.30 francs.
Lawrence July 29 and the Ponzi Securities Exchange Company branch here plans to reopen soon to accept money. Charles Lamb has served as local agent since the business began, and despite suspension no large withdrawal rush is reported among depositors.
Local office readies to resume accepting money within a few days as Lamb praises Ponzi. He claims no doubt about Ponzi’s ability to redeem notes and expresses preference for being Ponzi’s janitor over rival financiers. The city, though small, has contributed substantial funds to Ponzi’s coffers.
Worcester residents, many of Italian descent, are said to have invested at least 50000 with Charles Ponzi. The swindler reportedly sought a Worcester bank account and aimed to deposit over 100000. Peter Benaglia, a local Italian leader, acted as Ponzi’s Worcester agent. No investors report missing payments yet.
We want people to find what they are looking for at NewspaperArchive. We are confident that we have the newspapers that will increase the value of your family history or other historical research. With our 7-day free trial, you can view the documents you find for free.
People find the most success using advanced search. Try plugging in keywords, names, dates, and locations, and get matched with results from the entire collection of newspapers at NewspaperArchive!
You can also successfully find newspapers by these browse options. Explore our archives on your own!
Browse by location and discover newspapers from all across the world.
Browse by date and find publications for a specific day or era.
Browse old newspaper publications to find specific newspapers.