The ruse is named after Charles Ponzi, a 1920s crook who promised investors in New England a 40pc return on their investment in just 90 days, compared with 5pc in a savings account.

Ponzi had planned to make money by taking advantage of the difference in exchange rates between the dollar and other currencies to buy and sell international mail coupons at a profit.

His scheme was an amazing success, and by May 1920, he had made $420,000 ($5.13 million in 2017 money).

By June 1920, people had invested $2.5 million in Ponzi's scheme and by July, he was raking in a million dollars per week and rising. By the end of July, he was approaching a million dollars per day.

When the house of cards inevitably collapsed, it turned out he had only ever purchased about $30 worth of the mail coupons on which the scheme was based.