Letter: Don't call it a 'Ponzi scheme'

Bernie Madoff walks down Lexington Avenue to his Bernie Madoff walks down Lexington Avenue to his Manhattan apartment, days after he was charged in the largest investment scam in Wall Street history. Madoff was sentenced to 150 years in prison. (Dec. 17, 2008) Photo Credit: Getty Images

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I had hoped that Bernard Madoff's imprisonment would eventually lead to changing the name of "Ponzi scheme" -- but here it is on the front page, no less ["$50M Ponzi scheme on LI," News, March 29].

I have been to Parma, Italy, where Charles Ponzi was born. I discovered that Ponzi is a very common name. For the record, he was married but had no children, so there are no direct descendants.

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I am just one of many honest Ponzis who work hard, contribute to society, and who have successful children who are proud of their Italian heritage. We are people who hope that someday the media will call the criminal activity known as the Ponzi scheme what it actually is -- a pyramid scheme fueled by greed by both the perpetrators and the investors.

Please give the Ponzis a break!

Robert K. Ponzi, East Patchogue

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