What is the name of the American former stockbroker and financial advisor who created a $65 billion Ponzi scheme, considered to be the largest financial fraud in US history?
Bernard Madoff Bernard Madoff Bernard Lawrence Madoff (; born April 29, 1938) is an American former market maker, investment advisor, financier, fraudster, and convicted felon, who is currently serving a federal prison sentence for offences related to a massive Ponzi scheme. He is the former non-executive chairman of the NASDAQ stock market, the confessed operator of the largest Ponzi scheme in world history, and the largest financial fraud in U.S. history. Prosecutors estimated the fraud to be worth $64.8 billion based on the amounts in the accounts of Madoff's 4,800 clients as of November 30, 2008. Madoff founded a penny stock brokerage
Ponzi scheme it virtually impossible to know how much was lost in any Ponzi scheme. A pyramid scheme is a form of fraud similar in some ways to a Ponzi scheme, relying as it does on a mistaken belief in a nonexistent financial reality, including the hope of an extremely high rate of return. However, several characteristics distinguish these schemes from Ponzi schemes: Cryptocurrencies have been employed by scammers attempting a new generation of Ponzi schemes. For example, misuse of initial coin offerings, or "ICOs," on the Ethereum blockchain platform have been one such method, known as ""smart Ponzis"" per the "Financial