Quick Definition

Bernie Madoff was an American financier who orchestrated the largest Ponzi scheme in history, defrauding thousands of investors of billions of dollars.

Examples

• 1Madoff's investment firm promised unusually consistent returns, attracting investors from all over the world.
• 2Many charitable organizations, celebrities, and ordinary people lost substantial amounts of money when the scheme collapsed.
• 3The exposure of Madoff's fraud led to significant changes in SEC regulations and investment oversight.
• 4Madoff's Ponzi scheme was revealed during the 2008 financial crisis when he could no longer sustain the fraudulent payouts.

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