bernie murdoff case Flashcards
1
Q
what is a Ponzi scheme?
A
taking money from investors and rather than investing to make a gain, they use the latest investment to pay dividends to existing investors
2
Q
what was Bernie really doing with the investments?
A
he added all the money to a bank account
3
Q
what rate of return did Madoff offer to his clients?
A
12%
4
Q
why weren’t Madoff’s activities reported to the authorities?
A
They were all invisible for years
5
Q
what was Madoff’s nickname?
A
the financial wizard
6
Q
when and who eventually turned him in?
A
in 2008 by his sons
7
Q
when did Madoff pledge guilty?
A
2009
8
Q
How many years was Madoff imprisoned for?
A
150
9
Q
what was the name of the charity that supported Madoff victims?
A
Madoff Victim Fund
