The three small crosses that signed away 38 million gulden
In 1872 Munich, investigators uncover a private bank where 32,000 investors' savings, marked by three small crosses, have vanished. This is the birth of the Ponzi scheme.
The three small crosses that signed away 38 million gulden
This episode explores the origins of the world's first documented Ponzi scheme, orchestrated by Adelheid Spitzeder, a former actress who promised an impossible 8% monthly return. How did a woman with no banking experience convince so many to trust her with their life savings?
Person: Adelheid Spitzeder
Date: November 12, 1872
Location: Munich, Schönfeld Street
Amount…
The skinny
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