When discussing Ponzi schemes one name tops the list of criminals, Bernie Madoff. Bernie Madoff created a Ponzi scheme that enabled him to swindle over 50 billion dollars from a long list of individuals and organizations, including charities. The scheme Mr. Madoff was convicted of went on for 20 years before he was arrested and involved numerous fraudulent investments. Due to the length of time this Ponzi scheme continued for and the amount of money Mr. Madoff swindled it is considered one of the largest Ponzi schemes in history and has made him infamous.
Mr. Madoff engaged in legal businesses along with his Ponzi scheme, however he could never have sustained his business with the type of fraud he was conducting. The Ponzi scheme was taking in billions of dollars which was not being invested as his clients thought. After law enforcement arrested Mr. Madoff he admitted his guilt and is currently serving a 150 year prison sentence. Mr. Madoff affected many people with his Ponzi scheme and stole large amounts of money that many victims were not able to retrieve. The victims of Mr. Madoff's Ponzi scheme range from politicians to celebrities and his own employees.
1.How would you work to prevent these types of scams? Are they a major problem in society today and how
2.Does ethics and the law play a role?Answer question twice 200 word min each answer. APA.