In September 1925, Ponzi was released on bail as he appealed the state conviction, and fled to the Springfield neighborhood of Jacksonville, Florida and launched the Charpon Land Syndicate ("Charpon" is an amalgamation of his name), offering investors tiny tracts of land, some underwater, and promising 200% returns in 60 days. In reality, it was a scam that sold swampland in Columbia County. Ponzi was indicted by a Duval County grand jury in February 1926 and charged with violating Florida trust and securities laws. A jury found him guilty on the securities charges, and the judge sentenced him to a year in the Florida State Prison. Ponzi appealed his conviction and was freed after posting a $1,500 bond.