The profit that could be made by taking advantage of the differing postal rates in different countries to buy IRCs cheaply in one country and exchange them for stamps of a higher value in another country was the intended profit generator for a scheme operated by Charles Ponzi, which became the fraudulent Ponzi scheme ; in practice, the overhead on buying and selling large amounts of the very low-value IRCs precluded profitability.

Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi, ( March 3, 1882 – January 18, 1949 ), commonly known as Charles Ponzi, was an Italian businessman and con artist in the U. S. and Canada.

Charles Ponzi 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.

Ponzi aka " Charles Bianchi " under arrest circa 1910

It was another prisoner who became a true role model to Ponzi: Charles W. Morse.

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1910 police mugshot of Charles Ponzi, the namesake of the scheme

The scheme is named after Charles Ponzi, who became notorious for using the technique in 1920.

Ponzi did not invent the scheme ( for example, Charles Dickens ' 1844 novel Martin Chuzzlewitt and 1857 novel Little Dorrit each described such a scheme ), but his operation took in so much money that it was the first to become known throughout the United States.

" In the run up to the Savings and loan crisis of the 1980s and early 1990s, control frauds like Charles Keating were able to get legislators like Speaker of the House Jim Wright, the Keating Five Senators and majorities in both the US House and Senate to suppress investigations of massive criminality until their Ponzi schemes finally collapses.

Constantino Brumidi designed the decorative scheme as a whole, in collaboration with the architect Charles U. Walter, at the time when plans were being made to replace the wooden dome of Bullfinch with the present much larger iron structure.

Charles Ammi Cutter ( 1837 – 1903 ), inspired by the decimal classification of his contemporary Melvil Dewey, and with Dewey's initial encouragement, developed his own classification scheme for the Winchester Town Library and then the Boston Athenaeum, at which he served as librarian for twenty-four years.

He syncretized Abolitionism, Free Love, spiritual universalism, ( Josiah ) Warren, & ( Charles ) Fourier into a grand utopian scheme he called the Universal Pantarchy ... He was instrumental in founding several “ intentional communities ,” including the “ Brownstone Utopia ” on 14th St. in New York, & “ Modern Times ” in Brentwood, Long Island.

The algorithms and notation for this scheme were extended by Australian philosopher and computer scientist Charles Hamblin in the mid-1950s.

Accordingly, when negotiations broke down with Manfred in 1262, Pope Urban IV again took up the scheme of disseising the Hohenstaufen from the Kingdom, and offered the crown to Charles again.

' Seeking a contest with the Whigs, Chamberlain and Sir Charles Dilke presented their resignations to Gladstone on 20 May 1885, when the Cabinet rejected Chamberlain's scheme for the creation of National Councils in England, Scotland and Wales and when a proposed Land Purchase Bill did not have any provision for the reform of Irish local government.

The new Chancellor of the Exchequer, Charles Thomson Ritchie, influenced by economists such as Sir William Ashley, was vigorously opposed to any scheme of Imperial Preference but although he made his opinions known, the Cabinet was generally favourable towards Chamberlain's proposal when it was considered on 21 October.

On Lothair's return to his father's court, his stepmother Judith won his consent to her plan for securing a kingdom for her son Charles, a scheme which was carried out in 829, when the young prince was given Alemannia as king.

The scheme was invented in 1854 by Charles Wheatstone, but bears the name of Lord Playfair who promoted the use of the cipher.

Rather, the symbol was developed as part of Sir Charles Barry's plans for the rebuilt Palace after the original burned down on 16 October 1834 ; he conceptualized the new Palace as a " legislative castle ", and the symbol of a castle gate — i. e. a portcullis — fitted well with the scheme.

The scheme was delayed for yet another year, during which time Charles Vignoles was asked to review the plans and become the company's engineer.

In 1731 she had the satisfaction of seeing her favorite scheme realized with the recognition by the powers in the Treaty of Vienna of her son Don Carlos ( afterwards Charles III of Spain ) as the Duke of Parma, and after the Treaty of Vienna ( 1738 ) his accession to the throne of the Two Sicilies.

In 1926, Governor Pinchot proposed his quasi-public " Giant Power " scheme for the state of Pennsylvania – which was very similar to Charles Steinmetz's plan to transmit electricity by high-voltage lines from power plants located adjacent to Pennsylvania coal mines – critics dismissed it as socialism.

The Museo del Prado is one of the buildings constructed during the reign of Charles III ( Carlos III ) as part of a grandiose building scheme designed to bestow upon Madrid a monumental urban space.

When Charles offered an alternative scheme ( 1679 ) for limiting the powers of a Catholic sovereign, Sacheverell made a great speech in which he pointed out the insufficiency of the king's terms for securing the object desired by the Whigs.

After a period of intense collaboration between Charles and Ray, the scheme was radically changed to sit more quietly in the land and avoid impinging upon the pleasant meadow that fronted the house.

' Sidney was later to be implicated in the Rye House Plot, a scheme to assassinate Charles and his brother James, who later became King James II.

He also discovers his brief successor, Doug Winner ( Philip Charles MacKenzie ) has been accepting cocaine for airplay under a payola scheme with a sleazy record promoter.

And their arrival caught John Clayton and Charles Ansley off guard.

Just then Charles Lever yelled, `` Hey, Jack '', from the quarry road which ran behind the Carter house, and Jack grabbed the lunch from the table and darted out the kitchen door, yelling `` Good-bye, Mom '' over his shoulder.

Charles said, grinning, showing his huge yellow teeth.

Charles, also fifteen, was tall and skinny, scraggly, with straight black hair like an Indian's and sharp brown eyes.

Charles said as they picked their way over the rocky road which led up the hill away from the Dixie Highway, through a corn field and a patch of woods to the school.

He said, lapsing into the profanity he often used when away from his parents and especially when he was with Charles.

He could think of nothing else save his mental image of her nude figure and what Charles had said that morning about Margaret Rider.

Occasionally he would look across the aisle at Margaret, fourteen and demure in a fresh green organdy dress, sitting in the sixth-grade row, and he could hardly believe she would do what Charles had said she did.

At noontime, remembering what the teacher had said about maybe playing with the kids, Jack stayed close to the schoolhouse while all the other big boys, except Charles, went off out the road to play ball.

He asked Charles suspiciously as they sat in the well-house shade, watching the girls congregate in front of the schoolhouse.

`` I'd druther stay here and watch the girls '', Charles grinned.

`` O.K. '' Charles rose also, and the two of them moved over to join the girls.

The malignancy of such a landscape has been beautifully described by the Australian Charles Bean.

An approach that has appealed to some choreographers is reminiscent of Charles Olson's statement of the process of projective verse: `` one perception must immediately and directly lead to a further perception ''.

With the first of a group of historical novels, The Charles Men ( Karolinerna ), published in 1897-8, he achieved the masterpiece of his career.

Though it centers around the brilliant and enigmatic figure of Charles 12,, the true hero is not finally the king himself.

The Charles Men consists not of a connected narrative but of a group of short stories, each depicting a special phase of the general subject.

The Charles Men has a tremendous range of characters, of common folk even more than of major figures.

The career of Charles 12, is obviously very similar to that of Napoleon.

The first half of The Charles Men, ending on the climax of the battle of Poltava in 1709, is more dramatically coherent than the second.

In `` The King's Ride '', Charles breaks out of a long period of petulance and inertia, regains his old self, escapes from Turkey, and finally reaches his own land after an absence of eighteen years.

The guns are fired, the hymns are sung, and the body of Charles is carried down to the vault and laid beside the tombs of his ancestors.

Excellent in their way, they lack the wide appeal of The Charles Men, and need not detain us here.

Gustaf Vasa is a superb example, and Charles 10,, the conqueror of Denmark, hardly less so.

Of Gustavus Adolphus and Charles 12, it is unnecessary to speak.