Orlando Bankruptcy Attorneys, Clark & Washington, Take a Look at Charles Ponzi's Bankruptcy

NORCROSS, GA, January 01, 2013 (Press-News.org) Bankruptcy lawyers in Orlando, FL, Clark & Washington, closely examine Charles Ponzi's case to see how he ended up in dire straits.

Was Charles Ponzi Really an Evil Man?
To this day, Charles Ponzi remains a polarizing and controversial figure. Many people still speculate over whether or not he had intended to cause so much misery and financial ruin for others. His actions may very well have just been the desperate ones of a man facing bankruptcy, which is something that could happen to all of us.

His initial arrival in the country was very much the American dream. He arrived with $2.50 in his pocket and did any low-paying job he could find, including a job as an assistant bank teller. He quickly rose to become the branch manager, which he did with a natural understanding of finances.

His First Brush with the Law
Through no fault of his own, the bank failed, and the owner fled to Mexico. Although the owner had fled, Ponzi stayed behind to look after the man's abandoned family. Out of desperation, he wrote himself a check to which he was not entitled. This earned him three years in prison. Another brush with the law got him another two years.

On his release from prison, now penniless, he got a job as a grocer and tried again. This time, he cooked up a scheme to buy postage stamps cheaply in Italy and exchange them in the U.S. for a higher price. This was not fraudulent activity, but rather an actual way to legitimately make money that Ponzi had discovered.

He secured investment from a number of individuals and businesses, aiming to earn them money. At this point he had no intention of defrauding anyone.

Turning South for Charles Ponzi
When he tried to redeem the stamps in the U.S., the government tied him up in red tape, so much so that redeeming them at this time was impossible. He then had to give his investors something, so he paid the earlier investors with the money from other later investors. With all this, the Ponzi Scheme was born. It was a simple case of something getting badly out of hand and snowballing. When he finally had to file for bankruptcy, the magnitude of the losses became known.

Even one of the most famous cases of fraudulent activity ever can be explained as a man with good intentions causing unintentional harm. This puts things in perspective if you find yourself in a similar predicament. Contacting bankruptcy attorneys in Orlando can help you head off any problems before they reach the scale of Ponzi's doomed scheme. If you're struggling to give your investors a return on their investment, don't let things get out of hand. There's no shame in admitting you have hit a low point, and as soon as you get the best bankruptcy attorneys Orlando has to offer, you can start to fix the damage and get back to a good place. To schedule a free initial consultation with Clark & Washington, contact them today.

For more information on the Orlando bankruptcy services offered by Clark & Washington, visit their website at http://www.orlando-bankruptcy-help.com.

About Clark & Washington:

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information, visit http://www.orlando-bankruptcy-help.com.

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