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American stockbroker Bernie Madoff was arrested and charged with securities fraud in a $64.8 billion Ponzi scheme, the largest in history.
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Bernie Madoff
American fraudster and financier (1938–2021)
Bernard Lawrence Madoff was an American financial criminal and financier who was the admitted mastermind of the largest known Ponzi scheme in history, worth an estimated $65 billion. He was at one time chairman of the Nasdaq stock exchange. Madoff's firm had two basic units: a…Source: Wikipedia (CC BY-SA)
Securities fraud
Deceptive practice in the stock or commodities markets
Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information. The setups are generally made to result in monetary gain for…Source: Wikipedia (CC BY-SA)
Ponzi scheme
Type of financial fraud
A Ponzi scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. Named after Italian confidence artist Charles Ponzi, this type of scheme misleads investors by either falsely suggesting that profits are derived…Source: Wikipedia (CC BY-SA)