In recent months all walks of investor life , ‘those of the world’ and those outside – looking in, have been astonished at the latest mess to come forth from a dismantled banking sector.
The Bernard Madoff Ponzi Scheme: 
- Madoff is a Wall St. Money Manager who swindled an alleged $50 billion…..the largest Wall St. swindle known to date.
- Bernie Madoff was a co-founder of Nasdaq, a former Chairman of the NASD , and Founder and owner of Madoff Securities.
- Investors affected by scheme range from Charities and Universities -t0- Celeberities and fellow Wall Streeters.
…So what is a Ponzi Scheme?
- Named after Charles Ponzi. In 1919 Charles conned thousands of New Englanders into investing into a stamp speculation scheme
- Fraudulently promises to pay a high percentage of return for little risk.
- The scheme generates returns by paying old investors with the cash flow from new investors.
- Fraud can only continue if there is a continuios flow of new investor money.
-Walid N. Nasserdeen
Related Article: CBS Video: How Much Did Madoff Family Know?
January 31, 2009 at 5:39 pm
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