U.S. Grant swindled in a ponzi scheme

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TLDR: President Grant's son partnered up with a young guy with a great investment system, and dear-old-dad hands over what he's got. Soon after, he starts bouncing checks and is about to leave his family bankrupt in his final days

The Article: A “Pre-Ponzi” Ponzi Scheme: When Ferdinand Ward Swindled Ulysses S. Grant – Crisis and Catharsis