ABSTRACT
The term “Ponzi” was not yet used, so these types of frauds are not easily found in earlier legal documents. Prior to the Public Access Court Electronic Records system, accessing federal court documents was a costly and time-consuming effort. Federal websites have improved throughout this nine-year research process, enabling access to more cases and documents. Most of the securities laws now in place were enacted in 1933 and 1934, primarily in response to the Great Depression, with later amendments. The methods used to carry out Ponzi schemes have adapted as technology changes, and in relation to economic and political events occurring throughout time. During the latter part of the nineteenth century women were basically seen as fragile, gullible, and not capable of handling their own financial affairs. Ferdinand Ward was the son of a Protestant pastor and missionary. William Henry McMasters was a journalist working independently, initially hired as a press agent for Charles Ponzi.
