Get news updates from WGBH
Thu July 24, 2014
Pyramid Scheme: Ponzi's Lexington Landmark
Another federal case involving fraud and conspiracy is just getting underway at the Moakley Courthouse. Yesterday, the co-owners of Marlborough-based Telex Free were indicted.
James Merrill of Ashland and Carlos Wanzeler are accused of defrauding investors in their company of one-billion-dollars in an elaborate pyramid scheme. Both maintain their innocence.
Of course, the pyramid scheme was made famous right here in Massachusetts, by our own Charles Ponzi, and there's a living testament to the success of his fraud in Lexington of all places.
Edgar B. Herwick III of WGBH's Curiosity Desk.