Bernie Madoff Question?

What the heck does the word “ponzie” scheme mean? Never heard the word before this bologna started. Thank you.

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Answer:
Charles Ponzi (March 3, 1882 – January 18, 1949) was one of the greatest swindlers in American history. His aliases include Charles Ponei, Charles P. Bianchi, Carl and Carlo. The term “Ponzi scheme” is a widely known description of any scam that pays early investors returns from the investments of later investors. He promised clients a 50% profit within 45 days, or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the United States as a form of arbitrage.[1][2] Ponzi was probably inspired by the scheme of William F. Miller, a Brooklyn bookkeeper who in 1899 used the same pyramid scheme to take in $1 million.[3]