Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1920-08-14
PONZI IN JAIL
FOR LACK OF
$4,000 BOND
Three Others, Accused of Try
ing to Initiate His Scheme,
in Nearby Cells.
OTHER WARRANTS WAIT

BOSTON, Aug. 14--Cbarles Ponzi, ac-
claimed as a financial genius week ago,
today could not find a friend to go on
his bond
The. master dealer" in postal reply
coupons, according to his version who
never talked in terms less than millions,
was unable to raise So, 0O0, with which
to obtain his freedom pending trial.
Ponzi spent last night in jail.
1t was no new experience for him. He
was behind the bars for twenty months
in Montreal prison and also spent two
years at Atlanta federal penitentiary.
His arrest followed withdrawal Of the
security placed by bondsmen.
In case Ponzi should raise sufficient
money to meet his bail he would face
immediate rearrest on additional charges
of larceny and an additional large sum
would be- required for security.
KEEPS FACTS
FROM WIFE.
Ponzis wife did not know be was in
Jail.
When he left his home he told her
he was going out of town for the week
end.
In other cells with Ponzi in the same
Jail three men, alleged imitators OF the
Ponzi method. spent the night.
They were heads of the Old Colony
Foreign Exchange Company, which was
started when officials closed the doors
of Ponzi's business.
They were unable to put up the $4,000
ball demanded.
The men held were Charles NJ. Bright
well. president. Raymond {. Myers,
treasurer, and Frederick Myers, man
ager
Additional arrests were made today.
Samuel Horn, another official Of the
larceny of 100000. He could not fur
nish the $4,000 bail.
James R. King, manager of the Provi-
dence Office of the company, and Arthur
Thompson, an assistant, were arrested in
Rhode Island.
Several OF Ponzi's friends who called
at the jail, were refused admission.
They were told he would be allowed
to see no one for the present.
SLEEPS AND EATS
WELL GUARDS SAY.
Ponzi slept we'll and apparently was
not, greatly concerned about his posi-
ton. jail attaches said.
He ate heartily OF the plain prison
fare
An extra strong guard is being kept
around the Jail in order to protect him
from threats Of mob violence from per-
sons who invested in his get-rich quick
scheme
The only property be retained from the
crash was his famous blue automobile,
his home and his clothes.
His other property is In the hands Of
state and federal authorities.
SEARCH FOR FUNDS
"sALTED AWAY"
The latest statement of the financial
condition Of the new victim Of the Ponzi
bubble shows 1t had deposits of 1851, 600.
The capital was S13,775.
Drastic measures to recover as much
as possible Of the millions entrusted to
Ponzi by the public was forecast in
statements that officials are searching
for money alleged TO have been "salted
away" by Ponzi.
II also was reported that he had trans
ferTed some Of his money 10 Mrs. Ponzi.
State officials said any money in Mrs.
Ponzfs name can be recovered. e-
The crash OF the Old Coloney Exchange
Company, promising 100 per cent profit IN
six months, brought hundreds of its in
vestors TO the attorney generals office.
A special office for these noteholders was
opened.
Investors in the Old Colony stormed
the statehouse angrily, demanding of
the state officials that their money be
returned al once.
Most Of the investors were foreigners,
and 1t was difficult TO make them IN
,...s5 nd mar the state officials could
not make an adjustments.