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The Racketeer Influenced and Corrupt Organizations (RICO) Act is a United States federal law that provides for extended criminal penalties and a civil cause of action for acts performed as part of an ongoing criminal organization.
Charles Ponzi, the namesake of the scheme, in 1920. A Ponzi scheme (/ ˈ p ɒ n z i /, Italian:) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. [1]