Ponzi scheme
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A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. Named after Italian con artist Charles Ponzi, this type of scheme mi
Charles Ponzi, the namesake of the scheme, in 1920
Charles Ponzi
Madoff investment scandal
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The Madoff investment scandal, sometimes known as Madoffgate, was a financial scandal discovered in late 2008. In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wa
Photographers waiting outside the entrance to the apartment block where Madoff was under house arrest.
Madoff in 2009 after his arrest