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What is Madoff Investment Scam Overview about?

Bernard Madoff ran a large investment firm and convinced thousands of investors to invest their savings by promising high returns. In reality, he was running a Ponzi scheme where he paid earlier investors with money from new investors. He was arrested in 2008 and charged with fraud when the scheme collapsed, having stolen an estimated $65 billion from clients. A Ponzi scheme relies on a constant flow of new money to appear profitable until it inevitably collapses. Madoff pleaded guilty and is serving a 150-

Author

Ana Fainza

Language

EN