HUGE DEFICIENCY.
THE FAILURE OF PONZI.. By Cable. — Press Association.—Copyright. (A. & N.Z.) NEW YOHK, 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.
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Bibliographic details
Sun (Christchurch), Volume VII, Issue 2028, 14 August 1920, Page 8
Word Count
93HUGE DEFICIENCY. Sun (Christchurch), Volume VII, Issue 2028, 14 August 1920, Page 8
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Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.