Thursday, December 11, 2008

Founder of Bernard L. Madoff Investment Securities was arrested.

Charges against Bernard Madoff include the running of a Ponzi Scheme. Named after Charles Ponzi. This is a pyramid type scheme, slightly different in nature, were investors are promised a higher than average return for there investment.

Click here to go to Wikipedia For more information on this type of scheme.

The arrest came about when Mr. Madoff informed his senior employees of the fact that his firm was just a form of the Ponzi scheme.

1 comment:

movie fan said...

Merry Christmas from Wall Street... too bad Madoff will never be able to repay society for the staggering amount he stole

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