(Note: A “Ponzi scheme” is a kind of fraud in which early investors are paid profits out of the investments made by subsequent investors. It works like this: Get Alice to invest $100, and promise a high rate of return. Next, get Bob to invest, and pay Alice “interest” out of Bob’s investment. Next, get Charles to invest, and pay Bob “interest” out of Charles’s investment. Next, Get Dianne to invest… and so on.)
LINK: The Most Famous Victims of Bernie Madoff’s Ponzi Scheme (by Sam Dangremond for Town and Country)
Bernie Madoff’s victims are finally getting some of their money back. The investment advisor is the infamous architect of the biggest Ponzi scheme in history, estimated at $64.8 billion by prosecutors, and in 2009 Madoff was given the maximum sentence of 150 years in federal prison. He reported to a federal prison in Butner, North Carolina in July of that year.
Madoff’s conviction wasn’t the end of the saga for the thousands of victim’s of Madoff’s fraud….
What do you think?