In the late 1870s, a woman named Sarah Howe started a bank just for single women called the Ladies’ Deposit Company. She asked new customers to tell their friends about the bank rather than advertising in newspapers, and she promised she could almost double their money. 

Today, the story of the woman running a Ponzi scheme before Charles Ponzi was even born.

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Artwork by Julienne Alexander.

Episode transcripts are posted on our website.

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