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Sunday, December 21, 2008

Bernard Madoff arrested over alleged $50 billion fraud - Ponzi scheme

Bernard Madoff, a former chairman of the Nasdaq Stock Market, was arrested and charged on 11 Dec 2008 with allegedly running a US$50 billion "Ponzi scheme". This fraud could be written into the history book as one of the biggest fraud cases ever.

According to Wikipedia,

A Ponzi scheme is a fraudulent investment operation that involves paying abnormally high returns to investors out of the money paid in by subsequent investors, rather than from the profit from any real business.

The list of individuals, banks, charities and investment firms exposed to losses in Bernard L. Madoff's investment funds continues to grow. This list is published annd maintained by the New York Times here.

Bernard Madoff arrested over alleged $50 billion fraud [via]
Madoff's Clients [via]

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