You can’t turn on the news without hearing about one “Ponzi scheme” or another. Who is this Ponzi guy and how did he get to be forever associated with defrauding little old ladies out of their life savings?

Well, the answer is on the SEC website. Apparently it all started with Charles Ponzi who duped New England residents out of funds using international mail coupons. Believe it or not, this happened in 1921. He promised a 40% return and would use money from one investor …