events
Bernie Madoff is arrested and charged with securities fraud in a $50 billion Ponzi scheme.
Related Wikipedia articles
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)
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)