Charles Ponzi, originally named Carlo Pietro Giovanni Guglielmo Tebaldo Ponzi, was born on March 3, 1882, in Lugo, Italy. He came from a once-wealthy family that had fallen into poverty by the time of his birth. Ponzi showed early signs of criminal behavior by stealing from his own family and even priests.

Charles Ponzi arrived in Boston Harbor on November 15, 1903, with only $2.50 in cash but $1 million in hopes. This marked the beginning of his journey in the United States.

Following his involvement in smuggling Italian immigrants into the United States, Ponzi was caught and sentenced to two years in prison in Atlanta.

After moving to Montreal in 1907, Charles Ponzi found a job as an assistant teller in a local branch of the Italian bank Banco Zarossi. Due to his multilingual skills, stylish appearance, and charming personality, he was quickly promoted to the position of bank manager.

After being imprisoned in Canada for almost three years for forging a cheque, Charles Ponzi was released in 1911.

Ponzi got caught in a scheme to smuggle Italian illegal immigrants across the border in 1913, leading to a two-year imprisonment.

In Memorial Day weekend of 1917 in Boston, Charles Ponzi met Rose Gnecco, a young girl on a streetcar platform. He was captivated by her beauty and later married her in February 1918.

In February 1918, Charles Ponzi married Rose Gnecco. They embarked on a journey together through both tough times and moments of wealth.

In August 1919, Charles Ponzi came up with the idea for the Securities Exchange Company after receiving an international postal reply coupon from a Spanish correspondent. This idea eventually led to his infamous Ponzi scheme.

On July 24, 1920, the Boston Post ran a front-page feature on Ponzi with the headline: 'DOUBLES THE MONEY WITHIN THREE MONTHS; 50 Per Cent Interest Paid in 45 Days by Ponzi—Has Thousands of Investors.' The article described his rags-to-riches ascent, including details of his postal reply coupon scheme and pegged Ponzi's worth at $8.5 million.

On July 26, 1920, a huge line of investors, four abreast, stretched from the City Hall Annex, through City Hall Avenue and School Street, to the entrance of the Niles Building, up stairways, along the corridors, all the way to Ponzi's office. The scene reflected madness and money madness, as investors saw Ponzi as the 'wizard' who could turn a pauper into a millionaire overnight.

Ponzi refused to reveal details of his business dealings to officials, claiming his secret of cashing coupons was not to be shared with anyone.

Charles Ponzi promised to donate $100,000 in honor of his mother to the Italian Children's Home in Jamaica Plain, showcasing his extravagant lifestyle and attempts to gain public favor.

William McMasters, Ponzi's publicist, discovered incriminating documents that revealed Ponzi's fraudulent activities, leading to a newspaper article exposing Ponzi's insolvency and debt of millions of dollars.

Massachusetts Bank Commissioner Joseph Allen ordered bank examiners to monitor Ponzi's accounts and eventually halted withdrawals from Ponzi's main account, revealing Ponzi's financial instability.

Ponzi gave a luncheon address at Boston's Hotel Bellevue for the Kiwanis Club, where he implied dealing with foreign governments to purchase coupons needed for his enterprise.

On August 11, 1920, Charles Ponzi surrendered to federal authorities amid reports of his imminent arrest. He was initially released on bail but was re-arrested on state charges of larceny, with the threat of additional charges if he were to regain his freedom.

Charles Ponzi was arrested on August 12, 1920, and charged with 86 counts of mail fraud after running a fraudulent investment scheme.

At the urging of his wife, Ponzi pleaded guilty on November 1, 1920, to a single count of mail fraud before Judge Clarence Hale. He was charged with 86 counts of mail fraud and faced life imprisonment.

After being released on bail while appealing a state conviction, Charles Ponzi attempted to sell swampland under a false name in Florida. He was arrested for fraud and sent to prison in New Orleans.

In February 1926, Ponzi launched the Charpon Land Syndicate in Florida, promising investors 200% returns in 60 days by selling swampland. He was indicted, found guilty on securities charges, and sentenced to a year in the Florida State Prison.

After being released from prison, Charles Ponzi was deported to Italy. His wife did not join him as she had suffered heavy losses in his investment scheme.

In 1937, Ponzi's wife, Rose, divorced him while he was in the U.S. due to his inability to support her and her desire to stay in Boston.

Charles Ponzi, known for his fraudulent investment scheme, died in a charity ward in Rio de Janeiro.

After being deported from the United States, Charles Ponzi went to Brazil where he ran a failed airline during World War II. He later worked as a language teacher and interpreter, eventually passing away nearly broke in a charity hospital on January 18, 1949.

Bernard Madoff pleads guilty and is jailed for orchestrating a $65 billion fraud scheme.

Bernard Madoff, following in the footsteps of Charles Ponzi, orchestrated the largest Ponzi scheme in history, defrauding investors of billions of dollars over 17 years. His scheme led to his conviction and a 150-year prison sentence, marking a significant financial scandal.

An article correction was made on the definition of a Ponzi scheme, clarifying that it involves using money from newer investors to pay off older ones.