![]() Before Charles Ponzi, in 1899 William "520 Percent" Miller opened for business as the "Franklin Syndicate" in Brooklyn, New York.She attempted some other schemes after release in the 1880s, either being arrested, or fleeing to avoid it, eventually becoming a fortune teller until her death in 1892. Howe was arrested, convicted, and served three years in prison. Howe was able to gain over 1,200 clients and US$500,000 in deposits before the Boston Daily Advertiser began outing LDC as a fraud in 1880. She promised high interest rates of eight percent per month. She claimed that the bank worked in conjunction with a Quaker charity that wanted to help less privileged women. Fraudster Sarah Howe opened a savings bank called Ladies' Deposit Company in 1878 meant to target unmarried women.Johann Baptist Placht ran a Ponzi scheme in Vienna from 1872 to 1873, claiming to invest in the stock market.By the time the scheme collapsed in 1872 it had become the largest case of fraud in 19th-century Bavaria. In Munich, Germany, Adele Spitzeder founded the "Spitzedersche Privatbank" in 1869, promising an interest rate of 10 percent per month.Clem: Murder and Money in the Gilded Age, was the first-ever Ponzi scheme. ![]()
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