District Judge Cecilia M. Altonaga, who sits in Miami. Juan Antonio Gonzalez, Acting U. Acting U. This case is being prosecuted by Assistant U. Attorney Roger Cruz. Assistant U. Attorney Sara Klco is handling the asset forfeiture component of the case. A Jacksonville Ponzi scheme is like a Jacksonville FL pyramid scheme, but is restricted by one central figure. Rather than a business investment opportunity, a Florida Ponzi scheme involves an obscure investment vehicle with an unreasonably high rate of return.
Early investors are paid by the investments of later on investors. But fraud transaction records encourage them to believe that the investment itself is actually generating the promised rate of return. The scheme was named for Charles Ponzi, who became famous for using the technique to defraud investors in the early 20th century but now has taken new heights with Bernie Madoff.
Charpon Land Syndicate's strategy was based on a plan to sell ten million small lots of property around rapidly growing Jacksonville. While he advertised the property as being near Jacksonville, it was actually 65 miles west in rural Columbia County.
In addition, he would sell shares in his company to investors focused on profits than land. It had been designated the Rosa Maria tract.
Each acre would be subdivided into 23 lots. A few months later, the couple married in February A couple of years later, he received a letter from a Spanish company that included an international reply coupon IRC inside.
He then discovered a weakness in the system that would allow him to make money. By June , he had made millions from people mortgaging their homes and investing their life savings in his company.
Unknown to them, the returns being paid to initial investors were a portion of the funds being invested by new investors.
However, the end was near. It was exposed that while his company offered impressive returns on investments, Ponzi was not investing his own money with the company. It was also revealed that to cover investments made to his business, million postal reply coupons would need to be in circulation. However, at that time only 27, were. During this event, he also canvassed the crowd with coffee and donuts, subduing the fears of many investors fears who then left their cash in his company.
On August 2, , an article by his former publicity agent, William McMasters, was released which suggested that Ponzi was robbing Peter to pay Paul. On August 11, , the Post published a story about his criminal history in Montreal. The next day, Ponzi surrendered to authorities and was charged with mail fraud for sending letters to his marks telling them their notes had matured.
At the urging of his wife, Ponzi pleaded guilty on November 1, and was sentenced to five years in federal prison.
During his stay in federal prison, Florida had become a real estate money making dream for speculators. Looking to make quick cash, under the alias of Charles Borelli, he and his wife arrived in Jacksonville on September 28, , residing on the block of Main Street in Springfield.
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