Page "Charles Ponzi" Paragraph 21
from
Wikipedia
The stories caused a panic run on the Securities Exchange Company.
Ponzi paid out $ 2 million in three days to a wild crowd outside his office.
He canvassed the crowd, passed out coffee and donuts, and cheerfully told them they had nothing to worry about.
Many changed their minds and left their money with him.
However, this attracted the attention of Daniel Gallagher, the United States Attorney for the District of Massachusetts.
Gallagher commissioned Edwin Pride to audit the Securities Exchange Company's books — an effort made difficult by the fact his bookkeeping system consisted merely of index cards with investors ' names.
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