Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-08-23
TO OFFICE
BOY, PONzl LOSERS
Estimated That Half of 3d.
600 Investors With
drew Funds.

BOSTON. August % (by the Asso-
ciated Press).-A list of investors
in the Ponzi postal coupon
scheme-persons who trusted in the
ability of the overnight financier to
make riches for them in a month or
two-looked like cross section OF
the community when it was printed
today. All walks of life were there
men and women of the professions,
of business and of labor. 1t is esti-
mated that 10000 in all placed their
money in the scheme which now is in
receivership. and Of these about half
withdrew it with or without the SO
per cent interest which Ponzi paid
lying on federal receivers to recover
what is left.
The list runs the gamut from judge
to office boy. Former liquor dealers
turned to Ponzi in their hope of re-
coupling their broken fortunes; a
wealthy spinster was there, a build
ing contractor. business men of high
standing, a sporting promoter, sol
dlers, real estate dealers, manufac-
turers, police inspectors and the or
binary laborer in large numbers. In
the Italian quarter especially his in
veStors were legion.
Demands Jury Trial.
Denial that Charles Ponzi. promoter
OF the postal exchange scheme. which
now is in receivership, with claims of
millions of dollars against it. is bank
rupt. was made in a petition filed in
the federal district court today by
Daniel V; McIsaacs. his counsel. The
petition demands that a trial by jury
be ordered to determine the issue.
The petition will be assigned for
hearing. but action on it if the court
grants the petition will be delayed
because the federal jury will no,
come in until next month.
Meantime, the receivers will pur-
sue their efforts to marshal Ponzi's
assets. of which about a million dol
lars worth was turned over to them
by him Saturday to meet claims
which federal auditor estimates al
100000. Officials of the bankruptcy
court here said today that should a
jury find that Ponzi was not a bank
rupt as alleged in the petition which
was the basis for the appointment OF
the receivers, the receivership prob
ably would be vacated and be without
standing.
h,, List Brings Denial. --.,.
The appearance of the list today
brought denialS from many OF those
whose names appeared. .a :
Some of those named, however, said
they had regained their investments
with profits of hundreds of thousands
of dollars.
The investments noted ranged from
S25 to $53,S33, the latter being at
tributed to man associated witt
PonZi as an agent
The financial operations of the Old
Colony Foreign Exchange Company
headed by Charles NJ. Brightwell, with
the Longton Oil and Gas System. Inc.
of which he also was, president, will
be one of the subjects which John E
Hannigan, receiver of the first named
company, will investigate. The activ-
tiles of the Old Colony Foreign Elk
change Company were curtailed dur
ing the investigation of Charles
Ponzi's affairs after several hundred
thousand dollars had been received
from investors who were lured by the
promise of 100 per cent in six
months
Mr. Hannigan said today that he
would appoint an auditor to examine
the Old Colony Foreign Exchange
Company's books and determine
whether transfers of money had been
made to other companies in which the
company's officers were interested
Three of those officers. President
Brightwell. Ramona Meyers and Fred
Meyers are still in Jail, held on
charges of larceny in default of $780,
900 bonds each.