People may recognize the word Ponzi as part of the term “Ponzi Scheme” but may not know where it originates. Charles Ponzi was born Carlos Pietro Giovanni Guglielmo Tebaldo Ponzi on March 3, 1882 in Lugo, Italy. Ponzi would say that his family once had a lot of money, but by the time he was born, they had fallen on hard times. For a while he worked as a postal worker, but was able to get accepted into University of Rome in Sapienza, though after four years, he had no funds and no degree. At that time Italians were emigrating to the United States sending back stories of a wealthy country where one could become financially successful. Ponzi decided to seek his fortune in America, arriving at Ellis Island with $2.50 in his pocket, he said.
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