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 nothing more than legalized pyramid schemes. Pyramid schemes are illegal in many countries or regions including Albania, Australia, Austria, Belgium, Bahrain, Brazil, Canada , China, Colombia, Denmark, the Dominican Republic, Estonia, Finland, France, Germany, Hong Kong, Hungary, Iceland, India, Iran, the Republic of Ireland, Italy, Japan, Malaysia, Maldives, Mexico, Nepal, the Netherlands, New Zealand, Norway, Peru, Philippines, Poland, Portugal, Romania, Russian Federation, Serbia, South Africa, Singapore, Spain, Sri Lanka, Sweden, Switzerland, Taiwan, Thailand, Turkey, Ukraine, the United Kingdom, and the United States. Franchise fraud is defined by the United States Federal Bureau of Investigation as a pyramid scheme. The FBI