Back to Jail
Ponzi was charged with 86 counts of mail fraud on two federal indictments. His wife, Rose Gnecco, encouraged him to face the music and plead guilty and, on November 1, 1920, Charles Ponzi did just that… to a single count.
“Here was a man with all the duties of seeking large money. He concocted a scheme which, on his counsel’s admission, did defraud men and women,” stated Judge Clarence Hale before sentencing. “It will not do to have the world understand that such a scheme as that can be carried out … without receiving substantial punishment.” Despite these ominous words, Ponzi was sentenced to just five years in federal prison.
