Contrary to popular belief, Charles Ponzi did not invent the Ponzi Scheme. The idea of the Ponzi Scheme is to "rob Peter to pay Paul" which has been used for centuries and written about by Charles Dickens before Charles Ponzi was even born. The first recorded Ponzi Scheme in history was executed in 1899 by William Miller, however some experts argue that Nancy Clem operated one of if not the earliest known fraudulent investment scheme during the 1860s, leveraging new investor funds to pay earlier...
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