Category: This Day in Business History

August 12, 1920: On this day, Charles Ponzi was arrested on 86 counts of mail fraud and went down in infamy for his expansive investment scheme, which became known as a “Ponzi Scheme.” After working many odd jobs and spending a few years in jail for crimes such as check forging and smuggling Italian immigrants across Read More …

August 4, 1930: When Michael J. Cullen suggested to the management of Kroger, his employer at the time, that they reinvent food stores by creating larger mostly self-service stores with low prices and more parking, they ignored him. He left his job at Kroger as General Sales Manager for 94 Illinois stores, and opened “America’s First Read More …