Keowee Courier

POSTMASTER GENERAL ISSUES FRAUD ORDER AGAINST CHARLES PONZI, the Financial Wizard, who is in Florida in the Real Estate Business.

Washington, April 29.—Postmaster General New issued a fraud order yesterday against Charles Ponzi, the New England get-rich-quick promoter, and the Chapron Land Syndicate at Jacksonville, Fla. He charged them with obtaining money through the mails by fraudulent pretenses in a land selling scheme.

The Postoffice Department said that Ponzi went to Florida with an associate last October and purchased 100 acres of land south of Lake City for $1,600. Circulars sent through the mails solicited purchase of lots and "units of indebtedness." Three other tracts were shown on map of the syndicate, but title to them had not been acquired.

Investors who purchased a $10 "unit of indebtedness," the complaint said, might be entitled to receive $50 or three lots at the end of sixty days. If the purchaser did not desire the cash or the lots he might secure a new certificate for three "units." By this "turn-over" feature, the Postmaster General says, a $10 investor might be entitled to receive at the end of one year a "unit of indebtedness" for $729.

If the investor at the end of the one-year period should demand his lots, in lieu of cash he would be entitled to 729 ten-dollar lots. The lots cost Ponzi about 68 cents each, not including cost of survey, platting, overhead, etc., the department said.

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