Joseph Ponzi was a real person who swindled millions in a postal scam . Ponzi pocketed millions and enjoyed it but a reporter was suspicious . Wall Street Journal 's John Barron printed front page stories slamming Ponzi . He served around three and a half years , then got his release to face state charges , for which he received a sentence of nine more years . He served time , was deported and died in 1949 -- buried in a pauper 's grave .
Joseph Ponzi was a real person who swindled millions in a postal scam . Ponzi pocketed millions and enjoyed it but a reporter was suspicious . Wall Street Journal 's John Barron printed front page stories slamming Ponzi . He served time , was deported and died in 1949 -- buried in a pauper 's grave .