Carmen Dell'Orefice Dell'Orefice. Madoff's fraudulent investment scheme drew on these funds to lure over 13,500 individuals and charities to his Ponzi scheme. She continued to socialize with the Madoffs after Levy's death. In December 2008 a 68-year-old friend, who invested her life savings with Madoff, telephoned Dell'Orefice to inform her that she too had been bankrupted by the scheme. Dell'Orefice said, "For the second time in my life, I've lost all of my life savings." Carmen Dell'Orefice Carmen Dell'Orefice (; born June 3, 1931) is an American model and actress. She is known within the fashion industry for being the world's oldest
Pyramid scheme the sense that both pyramid and Ponzi schemes are forms of financial fraud. However, pyramid schemes are based on network marketing, where each part of the pyramid takes a piece of the pie / benefits, forwarding the money to the top of the pyramid. They fail simply because there aren't sufficient people. Ponzi schemes, on the other hand, are based on the principle of "Robbing Peter to pay Paul"—early investors are paid their returns through the proceeds of investments by later investors. In other words, one central person (or entity) in the middle taking money from one person, keeping part