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Bernie Madoff Research Paper

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“The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernard Madoff, the former NASDAQ Chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate Ponzi scheme”, according to Wikipedia. In other words, Bernie Madoff claimed to pay original investors their returns from a legitimate business, when in all actuality, he was doing so from new investor revenue and there was no business, it was all a scheme. Ponzi schemes rely on a constant flow of new investments to continue to provide returns to older investors. When this flow runs out, the scheme falls apart and people
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