This scam, which took place more than 70 years before it came to an end in 1936, involved 28 scammers who convinced people across the United States that a wealthy individual named Jacob Baker of Philadelphia had died, leaving his estate without heirs. The scammers contacted people named Baker, saying that they represented the estate and would claim the property in exchange for a small fee. Approximately 3,000 people responded to the email and gave nearly $3 million to the scammers. In 1920, Ponzi discovered arbitration in the form of international postal response coupons, each worth 5 cents. For those looking to invest in gold, a Gold IRA buyers guide can provide helpful information on how to safely and securely invest in gold.
Vouchers purchased in Spain at a pre-set exchange rate could be redeemed for a penny in the U.S. UU. These types of excessive returns began to come under scrutiny, and an investigation by The Boston Post revealed that the business was a scam. Ponzi was found to have stolen up to $20 million from investors, earning him another jail sentence.
In 1925, when Victor Lustig was 35 years old, he learned how expensive it had been to maintain the tower. Later, he came up with the idea of selling the Eiffel Tower to a scrap metal dealer. A Greek named Hegestratos, who lived in the year 300 BC. C.
Hegestratos was a merchant who took out a large insurance policy known as an investment fund. One agreement consisted of a merchant borrowing money and committing to return it with interest once his cargo was delivered. If the merchant couldn't repay the loan, the lender would seize the cargo and the ship.