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Elements Of Carlo Ponzi's Postal Coupon Scheme

Elements Of Carlo Ponzi's Postal Coupon Scheme

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20 years before Carlo Ponzi’s Postal Coupon scheme, Sarah Howe, a former fortune teller, was arrested in 1880 for opening up a “Ladies’ Deposit. Miss Howe was able to raise $500K from more than 1200 women, using some of the funds to pay off some investors and keeping the remainder for herself. Miss Howe promised deposits would earn 8% in interest a month. This would double the initial deposit in 9 months.
The elements of this Ponzi scheme were:
1) Using new investor funds to pay prior investors.
In 1880, Sarah Howe, a former fortune teller was arrested in 1880 for opening up a “Ladies’ Deposit. Miss Howe was able to raise $500K from more than 1200 women, using some of the funds to pay off some investors and keeping the remainder for herself.

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