Page "Charles Ponzi" Paragraph 12

Soon afterward, Ponzi started his own company, the " Securities Exchange Company ," to promote the scheme.

He set up shop in a building on School Street.

Word spread, and investments came in at an ever-increasing rate.

Ponzi hired agents and paid them generous commissions for every dollar they brought in.

By February 1920, Ponzi's total take was US $ 5, 000, ( approximately US $ 54, 000 in 2010 dollars ).

By March, he had made $ 30, 000 ($ 324, 000 in 2010 terms ).

A frenzy was building, and Ponzi began to hire agents to take in money from all over New England and New Jersey.

At that time, investors were being paid impressive rates, encouraging others to invest.

By May 1920, he had made $ 420, 000 ($ 4. 53 million in 2010 terms ).