Ponzi Scheme Done On A Massive Scale

Written by anyone on December 11, 2008 – 9:20 pm

What is a Ponzi Scheme – The name comes from Charles Ponzi (what a legacy). Charles Ponzi was one of the biggest thief that schemed money from emigrating Italians. Nevertheless this is where the name comes from. Ponzi Scheme involve revolving money – where a fraudulent investment is made by promising high interest (rate of returns/profit) to an investors with money from another investors. No new revenue is ever generated. Today we called that a pyramid.

As of recent, Bernard Madoff has been arrested for allegedly operating a Ponzi Scheme to the tune of $50 billion. Bernard Madoff, age 70 is the founded of Bernard L. Madoff Investment Securitiesand has been a fixture on Wall Street. On the Madoff site a description of service reads …

“Clients know that Bernard Madoff has a personal interest in maintaining the umblemised record of value, fair-dealing and high ethical standards …”

(NO COMMENT, BUT YOU HAVE TO BE JOKING)

Investing money has turned into the Wild West these days. To help protect yourself and your money, below are a list of resources to check out.

Just In – The Latest News On Madoff and the Ascot Partners Hedge Fund

Madoff’s clients are taking stock of their losses. The largest Ponzi scheme in history results in some of the largest investors to be on the wrong side of the stick. Clients are coming from New York, Boston, Palm Beach, Hollywood, Paris, London and Mardid to see what is the worst case scenarios.

Clients with the biggest expsoure — These are clients that invested in the Ascot Partners hedge fund and other investments. The Ascot Partners hedge fund was ran by Madoff. Below is a list of investments and investors type with potential exposure.