A Timely Surrender
By the morning of August 12, 1920, rumors of Charles Ponzi’s impending arrest were rampant. The beleaguered businessman opted to take control of his own destiny and handed himself in. He accepted the findings of the state audit and was charged with mail fraud after allegedly contacting investors to say that their notes had matured. He was bailed at $25,000 and immediately rearrested on charges of larceny.
This added a further $10,000 to Ponzi’s bail bond. He wouldn’t be at liberty for long, however. The Boston Post published the results of Ponzi’s audit and the bondsman began to fear that Ponzi might flee and withdrew the bail. It was made clear by the Attorney General that everything in the state’s power would be done to ensure Ponzi would not be allowed to pay his way out of custody again.
