Ponzi scheme

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  • The Madoff Ponzi Scheme

    The Madoff Ponzi scheme took place on September 2008, which was one of the largest Ponzi scheme ever seen in U.S. History. The Madoff Ponzi scheme impacted, investors, families, employees, and as known the Madoff family fell apart. While the Madoff Ponzi scheme was not yet discovered, it all goes back from the beginning when Bernie founded the company with $5000.00 in 1960 from his lifeguard job back in the day. Bernie commented that he did not begin his company with such scheme. In fact, the Bernard L. Madoff Investments Securities, LLC was started with good investors and new money. After a couple of years, the firm wasn’t getting new money as it used to and returns still had to be paid out to large investors, that’s when the Madoff Ponzi…

    Words: 717 - Pages: 3
  • Scott Rothstein's Ponzi Scheme

    cruising down the beach in his Maserati or other choice of luxurious cars ranging from his Bentley, Lamborghinis, to Rolls Royce’s (Warren, 2010). Running a $1.2 billion Ponzi scheme in South Florida from 2005 to 2009 Rothstein was unstoppable. He was living the dream until one day the truth finally came out and Rothstein was nothing more than a con artist. First, and foremost when we think of Ponzi schemes we think of White-collar crime. Crime committed by people with higher authority, the…

    Words: 887 - Pages: 4
  • Bernie Madoff Ponzi Scheme

    stockbroker on wall street hence, no one questioned his doings. Being that he was of such high authority and acting nonchalant his scheme lasted numerous years. Bernie Madoff grew up in an unpredictable household with his parents. Bernie 's parents had a large role on his life and this is the reasoning behind why he did much of what he did. His parents were not the most truthful of people. (Oppenheimer pg. 1) When Bernie first began investing he started off with smaller businesses just to get…

    Words: 1201 - Pages: 5
  • Bernard Madoff's Ponzi Scheme

    The definition of a Ponzi scheme is, "an investment swindle in which some early investors are paid off with money put up by later ones in order to encourage more and bigger risks". What started out as a small, legitimate trading firm created by one man transformed into a multi-billion dollar Ponzi scheme. Investors who bought into the scheme varied from Hollywood celebrities, banks and hedge funds, to universities, charities, and ordinary people. The investors never knew their money was actually…

    Words: 1720 - Pages: 7
  • Ponzi Scheme: Bernie Madoff Scandal

    Ponzi Scheme; the act of taking money from one person as an investment, then taking money from another, only to give a portion of the second persons money to the first investor as a supposed return on their previous investments. The notorious Bernie Madoff used this simple concept to essentially steal billions of dollars from people all around the world. In 1960 Madoff founded the investment firm Bernie L. Madoff Investment Securities LLC, and he sat as chairman of the company for the entirety…

    Words: 1200 - Pages: 5
  • Ponzi Pyramid Scheme Case Study

    QUESTION 2 Start the question by defining a Ponzi and a Pyramid scheme; A Ponzi Scheme: "A con artist offers obligations that promise very high returns at seemingly very low risk from a business that does in fact exist or a secret idea that does not work out. The con artist helps himself to the investors' money, and pays a promised high returns to earlier investors from the money handed over by these and later investors. The scheme ends when there is no more money from the new…

    Words: 1214 - Pages: 5
  • Bernard Madoff Case: Ponzi Scheme

    I chose the scandals of Bernard Madoff. Bernie Madoff has committed one of the largest financial fraud, Ponzi scheme, in history and 'made a loss of nearly $65 billion. Bernard Madoff is an American fraudster and a former stockbroker, investment advisor, and financier. Bernie Madoff was a well-known and a well-liked man on Wall Street. Madoff had a perfect reputation, not only in the investment market, but socially. He ran an elaborate Ponzi scheme at his investment company, Bernard Madoff…

    Words: 1263 - Pages: 5
  • A Madoff Scandal: A Ponzi Scheme

    A Madoff Scandal – A Ponzi Scheme In 1899, Brooklyn bookkeeper William Miller deceived investors with more than twenty million dollars in today’s money (Altman, 2009). Miller is considered the first person to successfully use this scheme in the United States (Altman, 2009). However, the scheme is named after another practitioner who promised a fifty percent return on investment within ninety day, Charles Ponzi (Altman, 2009). Even though the scheme is named after Ponzi, the essential…

    Words: 1130 - Pages: 5
  • Analysis Of Bernard Madoff's Ponzi Scheme

    successful business man, but the ostensibly large returns he was generating and the growing balances shown on clients’ account statements were all illusions. Bernard Madoff was actually running a Ponzi scheme, using money from some of his investors to make payouts to others. During the stock market meltdown of 2008 and client desires to retract their investments, Madoff exposed his now failed scheme and confessed to his sons who alerted authorities. He was arrested and sentenced to serve 150…

    Words: 756 - Pages: 4
  • Case Study Of Mark Madoff's Ponzi Scheme

    Mark Madoff was put in a very difficult position on whether to turn his father, Bernie Madoff, in for his Ponzi scheme immediately or give his father a week delay as he requested. If Mark would have not immediately gone to authorities, he risked looking guilty for involvement and risked the charges associated with involvement, in addition to possibly facing charges for withholding information on his father’s illegal activity. If Mark chose to wait it out, he would be giving Bernie not only a…

    Words: 871 - Pages: 4
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