The Museum of Hoaxes
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Eras: 0-1699 1700s 1800-1868 1869-1913 1914-1949 1950-1976 1977-1989 1990s 2000s
The Hoax Archive — A collection of the most notorious deceptions throughout history
Ponzi Schemes
Charles Ponzi and the Ponzi Scheme, 1920. Charles Ponzi (1883-1949) Charles Ponzi, an Italian immigrant living in Boston in the early twentieth century, was said by his worshipful followers to have "discovered money." In fact, what he really discovered was a way to bilk the public out of millions of dollars by means of a financial pyramid scheme. There were pyramid schemes before Ponzi came along, but his was so outrageous that this type of scam has ever since borne his name. Continue…
Madoff Investment Securities, 2008. Bernard Madoff founded Bernard L. Madoff Investment Securities LLC in 1960. It became a prestigious firm on Wall Street, acting both as a market-maker (a middleman between buyers and sellers of shares) and as an investment fund that managed money for high-net-worth individuals and institutions. Year after year Madoff delivered reliable annual returns of around 10% for his investors. He managed to do this even in down markets when everyone else... Continue…

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  • All text Copyright © 2014 by Alex Boese, except where otherwise indicated. All rights reserved.