HUGE DEFICIENCY.

Sun (Christchurch), Volume VII, Issue 2028, 14 August 1920, Page 24 (Supplement)

HUGE DEFICIENCY.

THE FAILURE OF PON^l. By Cable. — Prrss 4**eciai«o.n<rnGjopvrioht. (A, & N.Z.) NEW YORK, August 12. Charles Ponzi, who has been arrested and charged with using the mails for purposes of fraud, is credited with making £2,000.000 by exchange speculations, which were interwoven with the Hanover Trust Company, whose doors have been closed. All the visible assets have allegedly disappeared, and the company owes £1,000.000. It is estimated that Ponzi's liabilities amount to $7,000,000, but he claims that his personal assets will meet these. Great crowds hover round Ponzi's office pressing their claims.