Re: How is it possible
And Ponzi quite possibly didn't even know he was running a con. Per Bulgatz's book, he seems to have been poorly educated and innumerate, and did essentially no bookkeeping - he just let the cash pile up in his office, and would basically grab some when someone wanted to cash out. It was the "advisors" who joined him when his scheme (which involved international postal coupons) became popular who understood what was going on, and profited from it.
