Ponzi schemes are easy to identify and they really should be addressed for the sake of public welfare. People were said to have been trying to expose Madoff for years before finally something was done about his rampant criminality. For a Ponzi scheme to trick people, the scammer needs to appear very official and legitimate. Once the scammer is seen for the fraud he is - it’s all over.
Bernard L. Madoff, a boy from Queens who went on to perpetrate one of the most infamous frauds in Wall Street history, died Wednesday in a federal prison, according to multiple reports. He was 82.
Older investors get payouts from new investors, rather than from profits earned.