Family of Famed Pyramid Schemer Loses Millions In Madoff Fraud
(SYOP 12/18/08) A spokesman for the Charles Ponzi estate revealed that the Ponzi family had lost untold millions in investments made with Madoff Securities and has sued in federal court demanding federal prosecutors, securities and exchange officials, the media as a whole cease and desist any further usage of Mr. Ponzi’s name and legacy in referencing Bernard Madoff’s purported crimes.
“It isn’t bad enough that the family was duped out of millions, but for federal officials and reporters to continue to associate Mr. Ponzi’s creative investment strategy to Bernard Madoff’ outright scam does great harm by defaming Mr Ponzi’s reputation,” said Ponzi estate attorney, Rob D’Frawd. “Compared to Bernard Madoff, Charles Ponzi was Mother Teresa.”
Charles Ponzi, alias Charles Ponei, Charles P. Bianchi, and Chuck the Schmuck, scammed thousands out of millions of dollars by means of a pyramid scheme in the early part of the 20th century.
“Over the years filmmakers, novelists, and the guy who came up with the expression, ‘too good to be true,’ have benefited from Mr. Ponzi’s creative investment techniques. With Mr Madoff’s outright greed and egregious disregard for the charismatic ingenuity of Mr. Ponzi, the continued misusage of Mr. Ponzi’s good name in describing Mr. Madoff’s criminal activities can forever deprive his family from receiving its just earnings.”
Among those hurt by Madoff’s scheme were hospitals, religious schools, senior centers, human rights programs, Steven Spielberg, Holocaust survivor and humanitarian Ellie Weisel.
“Mr. Ponzi only robbed Peter to pay Paul,” claims Jewish charity expert, Simcha Mitzvah. “Madoff was robbing Bubby to pay Zada.”
Award-winning TV writer, Steve Young is author of "Great Failures of the Extremely Successful" (greatfailure.com) and blogs at the appropriately named, steveyoungonpolitics.com.