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Imperial Valley Press
El Centro, Imperial County, California
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In Boston federal court on Nov. 30, Charles Ponzi pleaded guilty to using the mails to defraud in connection with his collapsed investment scheme and was sentenced to five years in Plymouth county jail.
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(By Associated Press)
BOSTON. Nov. 30. - Chas. Ponzi, promoter of a quick rich scheme in which thousands of persons invested millions before it collapsed last summer, pleaded guilty to using the mails to defraud in the federal court today.
He was sentenced to five years in Plymouth county jail.
The court took into consideration only the first count of the 44 in which it was charged Ponzi represented falsely he was able to pay 50 per cent in 45 days from profits made in international postal coupons.
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Domestic News Details
Primary Location
Boston
Event Date
Nov. 30.
Key Persons
Outcome
sentenced to five years in plymouth county jail.
Event Details
Chas. Ponzi, promoter of a quick rich scheme in which thousands of persons invested millions before it collapsed last summer, pleaded guilty to using the mails to defraud in the federal court. The court took into consideration only the first count of the 44 in which it was charged Ponzi represented falsely he was able to pay 50 per cent in 45 days from profits made in international postal coupons.