Ponzi's Scheme_ The True Story of a Financial Legend - Mitchell Zuckoff [162]
259
Ponzi’s main account at the bank: Cunningham v. Commissioner of Banks, 144 N.E. 447; Annual Report of the Massachusetts Commissioner of Banks, 1921, p. vii–viii.
259
thirteen thousand dollars in the Martelli account: Ibid.
259
tried over the weekend to replenish: Cunningham v. Commissioner of Banks, 144 N.E. 447; Annual Report of the Massachusetts Commissioner of Banks, 1921, p. vii–viii; “Ponzi Assails ‘Bank Ring,’ ” Boston Traveler, August 10, 1920, p. 1; Ponzi Stops Payment—Not to Take Up Any Notes upon Loans,” Boston Post, August 10, 1920, p. 1. For a brief time Ponzi claimed, erroneously, that New Hampshire officials had illegally transferred the money in his Manchester account to an account controlled by his Manchester agent, Joseph Bruno. There was no evidence to support that claim, which was strongly and convincingly denied by New Hampshire officials. Far more likely was that Ponzi had simply overestimated the amount of money in the account and had bounced his checks.
259
Joseph Allen dialed the Hanover Trust Company: Cunningham v. Commissioner of Banks, 144 N.E. 447; Annual Report of the Massachusetts Commissioner of Banks, 1921, pp. vii–viii.
260
his carefully choreographed attack: “Ponzi Stops Payment—Not to Take Up Any Notes upon Loans,” Boston Post, August 10, 1920, p. 1; Cunningham v. Commissioner of Banks 144 N.E. 447; “Stop Ponzi Checks: Say He’s Bankrupt,” New York Times, August 10, 1920, p. 1; “Ponzi Funds Tied Up; Bankruptcy Petition Filed by 3 Clients,” Boston Herald, August 10, 1920, p. 1; “Ponzi Account Overdrawn; All Checks Ordered Stopped,” Boston Evening Globe, August 9, 1920, p. 1. Joseph Allen never took responsibility for the bankruptcy filing, but it is impossible to believe its timing was a coincidence. Indeed, Allen’s efforts to distance himself from the filing only serve to tie him more closely. In his annual report and in court testimony, Allen or his assistants maintained that the bankruptcy filing was made at 1:40 P.M. on August 9, or five minutes before the order to stop paying Ponzi checks. Newspaper reports from that day, however, say the filing actually came closer to 3:00 P.M., which is more credible because the claim of bankruptcy would have been credible only after the commissioner’s stop-payment order.
260
“I have directed the Hanover Trust Company”: “Ponzi Stops Payment—Not to Take Up Any Notes upon Loans,” Boston Post, August 10, 1920, p. 1.
261
attorney general immediately issued a statement: “Allen Finds Discrepancy in Ponzi’s Statement of His Financial Operations,” Boston Herald, August 10, 1920, p. 2.
261
an office he had set up in the State House: Allen bought space to run the announcement on the front page of the Post on August 10, 1920.
262
Ponzi rushed to the tenth floor: “What He Told Allen Was Bull, Says Ponzi,” Boston Daily Globe, August 10, 1920, p. 1.
262
nibbling on the remnants of a box lunch: Ibid.
262
“I have played fair”: “Ponzi Stops Payment—Not to Take Up Any Notes upon Loans,” Boston Post, August 10, 1920, p. 1.
262
“All I told Attorney General Allen”: “What He Told Allen Was Bull, Says Ponzi,” Boston Daily Globe, August 10, 1920, p. 1.
263
“That I am solvent”: “Ponzi Stops Payment—Not to Take Up Any Notes upon Loans,” Boston Post, August 10, 1920, p. 1.
263
the shouts of newsboys: Ibid.
263
“Don’t you fellows knock me”: “What He Told Allen Was Bull, Says Ponzi,” Boston Daily Globe, August 10, 1920, p. 1.
263
“I am broke”: Ibid.
264
Harry Frazee: “Ponzi Very Sore over Treatment,” Boston Post, August 10, 1920, p. 2.
264
a devoted Red Sox fan: “Ponzi Helped Himself to $1,000 Deposits,” Boston Herald, Sept. 6, 1920, p. 1.
264
Ponzi ducked outside for a snack: “Ponzi Very Sore over Treatment,” Boston Post, August 10, 1920,