Ponzi Scheme is exposed.

The Boston Post publishes the first of a series of articles revealing the $15 million pyramid scheme subsequently named for Charles Ponzi that he operated from his office at 27 School Street. Written by former Boston Herald reporter William McMasters and others, it leads to Ponzi’s arrest at the federal building in Post Office Square on August 13, 1920. Defended by lawyer Dan Coakley, Ponzi subsequently pleads guilty to federal and state fraud charges, serves time in the Plymouth County Jail and Charleston State Prison and is then deported to Italy from Boston aboard the Vulcania on October 7, 1934.