Bernie Madoff ( THE PONZI SCHEME)

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Finance

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11 Terms

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Bernie Madoff

Founder of stock brokerage firm

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PONZI SCHEME

Market-making operation

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PONZI SCHEME

Took away the money from the new investors and give it to old investors

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PONZI SCHEME

Lasted almost 2 decades

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PONZI SCHEME 2008

Market crashed, investors wanted to cash out returns

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PONZI SCHEME 2008

Did not have enough money to give to people

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PONZI SCHEME 2008

Confessed to his sons the turned him in

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PONZI SCHEME 2009

Pleaded guilty to 11 charges

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Bernie Madoff

150 years in prison

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Bernie Madoff

To pay 170 billion

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PONZI SCHEME

Defrauded approximately 65 billion dollars