In 2008, Bernie Madoff was charged with securities fraud for running the largest Ponzi scheme in U.S. history. Prior to sentencing, Madoff met with the Securities and Exchange Commission and indicated that he could have been caught earlier, but investigators never asked the right questions.
He further stated that the investigators never even checked his stock records; if they had, they would have easily seen his operation was a Ponzi scheme.
Conduct some additional research on Madoff's case and answer the following questions:
What is a Ponzi scheme? How was Madoff able to operate this for so long without detection?
Provide some background on Madoff in terms of who he was and why he decided to engage in a Ponzi scheme. How could Madoff's Ponzi scheme been detected earlier?
How was Madoff eventually caught? What was Madoff's sentence and what was the impact of his fraud?
Adhere to the following standards: The paper should be 4-5 pages in length, not counting the title or references pages, which must be included.