Participants in the Madoff investment scandal Participants in the Madoff investment scandal Investigators are looking for other participants in the Madoff investment scandal besides Bernard Madoff, despite Madoff's assertion that he alone was responsible for the large-scale Ponzi scheme. Harry Sussman, an attorney representing several clients of the firm, stated that "someone had to create the appearance that there were returns," and further suggested that there must have been a team buying and selling stocks, forging books, and filing reports. James Ratley, president of the Association of Certified Fraud Examiners said, "In order for him to have done this by himself, he would have had to
Pyramid scheme and are being prosecuted for the crime of "illegal massive money reception." The "Kyiv Post" reported on 26 November 2008 that American citizen Robert Fletcher (Robert T. Fletcher III; aka "Rob") was arrested by the SBU (Ukraine State Police) after being accused by Ukrainian investors of running a Ponzi scheme and associated pyramid scam netting US$20 million. (The "Kiev Post" also reports that some estimates are as high as US$150 million.) In the United Kingdom in 2008 and 2009, a £21 million pyramid scheme named 'Give and Take' involved at least 10,000 victims in the south-west of England and South