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Describe a ponzi scheme

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In March 2009, Madoff pled guilty to 11 federal crimes and acknowledged turning his broker-dealer business into a substantial Ponzi scheme that defrauded investors out of billions. Federal investigators believe that the fraud began as early as the 1980s and the whole thing was possibly never legitimate. The fraud totaled almost $65. On June 29, 2009, Madoff was sentenced to a maximum of 150 years. In 2021, he died in prison.

How would you describe a Ponzi scheme? What are some other examples of this type of scheme outside of this case?

Reference no: EM133234147

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