Madoff investment scandal Madoff investment scandal The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernard Madoff, the former NASDAQ Chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate Ponzi scheme. Madoff founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest. The firm employed Madoff's brother Peter as senior managing director and chief compliance officer, Peter's daughter Shana Madoff as rules and
Caritas (Ponzi scheme) An estimate of Romanian newspaper "România Liberă" gives the amount of money involved as 1.4 trillion lei or about 20% of the 1993 expenditures of the Romanian government of 6.6 trillion. "The New York Times" estimated the scheme attracted between $1 billion and $5 billion. The Romanian government banned pyramid schemes only after Caritas went bankrupt. The government received warnings about the scheme from several sources, included the Romanian Intelligence Service, which wrote a report in early 1993 (leaked to the press) and from Daniel Dăianu, the chief economist at the National Bank, who called it a fraud. As president