Don't tell Bostonians that Boston may be ousted by New York City again. The Boston Herald reports that Boston's very own infamous criminal Charles Ponzi could have his famed "Ponzi scheme" phrase replaced by a new king of fraud: New York's very own Bernie Madoff.
While Charles Ponzi's scheme was the very first of its kind in the 1920s, Irving Picard told Fraud Magazine that Bernie Madoff's fraud will overshadow this type of fraud and eventually replace the term "Ponzi scheme."

