The Woman Who Invented Ponzi Schemes BEFORE Ponzi! 🤑
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Before Charles Ponzi became synonymous with financial fraud, Sarah Howe pioneered the Ponzi scheme blueprint in 1879 Boston. Through her Ladies' Deposit Company, a private bank marketed solely to women, Howe lured investors with promises of high interest rates, up to 8% monthly, and a secure, women-only environment. This innovative approach built trust and attracted substantial deposits, positioning her as a trailblazer in financial deception.
However, the Ladies' Deposit Company hid a dark secret: there were no legitimate investments or financial backing. Howe operated a classic Ponzi scheme, using funds from new depositors to pay returns to earlier investors. Her fraudulent empire amassed over $500,000, equivalent to millions in today's dollars, before she disappeared.
Eventually apprehended and imprisoned, Howe astonishingly resumed her scam after her release, cementing her legacy as a relentless con artist. Her schemes not only predate Ponzi's but also laid the groundwork for countless modern financial frauds, making her one of history's most underrecognized scammers.
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