Bernie Madoff was a financial manager responsible for one of the biggest financial scams in modern history.
Bernie Madoff’s Ponzi scheme, which has probably been in operation for decades, has swindled thousands of investors out of tens of billions of dollars.
Investors trust Madoff because he gave the appearance of respectability, his returns were high but not fantastic, and he claimed to be using a legitimate strategy.
In 2009, Madoff was sentenced to 150 years in prison and forced to pay $170 billion in damages.
As of September 2021, the Madoff Victims Fund has distributed over $568 million worth of the seventh distribution.
Black money includes all funds earned as a result of illegal activities, as well as other legitimate income that is not taken into account for tax purposes.
A boiler room is a scheme in which sellers use high-pressure selling tactics to persuade investors to buy securities, including speculative and fraudulent securities.
Channel stuffing refers to the practice of a company supplying more products to distributors and retailers through a distribution channel than end users can purchase in a reasonable amount of time.
A High Yield Investment Program (HYIP) is a fraudulent investment scheme that aims to generate extremely high returns in excess of 100% on investments.
A letter scam in Nigeria is a scheme in which a sender offers someone a commission - usually via email - for helping them transfer a large amount of money.
Racketeering is the acquisition of a business through illegal activities, the conduct of a business with illegal income, or the use of a business to commit illegal activities.
A fraudulent trader is an employee of a financial firm who engages in unauthorized, often high-risk activities that result in large losses for the firm.