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194

He merrily waved a slip of paper: “Ponzi Stops Taking Money, Awaits Audit,” Boston Globe, July 27, 1920, p. 1.

194

“He was the same Ponzi”: “Ponzi Closes; Not Likely to Resume,” Boston Post, July 27, 1920, p. 1.

194

“I can’t say anything now”: Ibid.

Chapter Thirteen: “Master of the situation”

197

refining a daring survival plan: Ponzi, pp. 157–58. In his autobiography, Ponzi says he came up with the idea to “borrow” Hanover Trust’s assets on the ride home the night before. He no doubt was still refining the plan en route to work that morning.

197

“master of the situation”: Ibid., p. 157.

197

“Every time I refunded the principal”: Ibid.

198

“He wasn’t likely to make any trouble”: Ibid.

198

“unless I happened to have”: Ibid.

199

“The investigation would have ended right there”: Ponzi, p. 158.

199

its lead headline triumphantly predicting: “Ponzi Closes; Not Likely to Resume,” Boston Post, July 27, 1920, p. 1.

200

PUBLIC NOTICE: Paid notice on page 1 of the Boston Post, July 27, 1920.

200

Ponzi suspected that the officials: Ponzi, p. 156. Ponzi’s chronology is slightly compressed on this point. He places the withdrawal of the police as occurring the afternoon of July 26, immediately after he struck his deal with Pelletier. The Post more credibly reported that the police disappeared the next day. See “Million Is Paid Back by Ponzi,” Boston Post, July 28, 1920, p. 1.

201

Ponzi told Dunn that the newspaper: Kenny, p. 196, and Ponzi, pp. 160–61. Neither Kenny nor Ponzi specifies when Ponzi made his threat to Dunn, but it stands to reason Ponzi would have done so immediately upon seeing the story as he marshaled his resources to confront the run of withdrawals.

201

A lawyer for one of his investors: “Suit Filed Against Ponzi, but Quickly Withdrawn,” Boston Evening Globe, July 27, 1920, p. 2; “Withdraws Bill to Enjoin,” Boston Evening Transcript, July 27, 1920, p. 5; “Million Is Paid Back by Ponzi,” Boston Post, July 28, 1920, p. 1; Ponzi, pp. 159–60. Biographical information on Alton Parker from 1920 U.S. Census.

202

“one of those lawyers”: Ponzi, p. 160.

202

Dan Coakley: Beatty, pp. 100, 137–39, 265; “Daniel H. Coakley, Dead at 87; Long Political Figure,” Boston Herald, September 19, 1952; “Dan Coakley Has Been Teamster, Conductor, Reporter and Politician,” Boston Traveler, September 30, 1921; Albert Hurwitz, “The Ponzi Bubble,” Boston Sunday Herald Magazine, August 30, 1970, p. 13.

203

Ponzi adored Coakley: Ponzi, p. 160.

203

There was no letup: The scene at Ponzi’s office on July 27, 1920, was taken from multiple sources, including: “Million Is Paid Back by Ponzi,” Boston Post, July 28, 1920, p. 1; “Ponzi Has World Scheme,” Boston Evening Transcript, July 27, 1920, p. 1; “Exchange ‘Wizard’ Is Paying Claims,” New York Times, July 28, 1920, p. 13; “Ponzi Pays Money Back to Hundreds,” Boston Globe, July 28, 1920, p. 1; and “Six Women Faint in Crowd at School St. Building Seeking to Redeem Notes,” Boston Herald, July 28, 1920, p. 1. Elements of the scene also came from a photograph found in the files of the Boston Globe stamped July 27, 1920, and captioned “Crowd Outside of Ponzi’s Office, 27 School Street.” A note written in red pencil ordered that the photo be saved for Ponzi’s eventual obituary.

204

Perhaps hoping to reassure: “Ponzi Has World Scheme,” Boston Evening Transcript, July 27, 1920, p. 1.

204

arrangements to take over: “Exchange ‘Wizard’ Is Paying Claims,” New York Times, July 28, 1920, p. 13.

205

“a case of ‘heads I win’: Ponzi, p. 160.

205

At the end of the day: “Million Is Paid Back by Ponzi,” Boston Post, July 28, 1920, p. 1.

206

Ponzi quietly took a precaution: Annual Report of the Massachusetts Commissioner of Banks, 1921, pp. vii–viii.

207

To allay his concerns: Ibid.

208

Ponzi turned to a waiting Post photographer: Photo captioned “Charles Ponzi as He Appeared Yesterday,” Boston Post, July 28, 1920, p. 20.

208

bigger news in the Post: Front page of the Boston Post, July 28, 1920.

208

another cutting