Which of the following statements about the Bernie Madoff ponzi scheme is false?
A) Madoff too advantage of his unique ties to the investment community (he was the former Chair of the NASDAQ) to create trust and encourage further investments.
B) Madoff began perpetrating the fraud shortly before passage of the Sarbanes-Oxley Act, and the provisions of that Act ultimately led to discovery of the fraud.
C) Madoff was sentenced to 150 years in prison.
D) The estimated amount missing from client accounts, including fabricated gains, was almost $65 billion.

Question

Quizplus · Accepted Answer

The statement is false because Madoff's fraud began well before the passage of the Sarbanes-Oxley Act in 2002. In fact, his Ponzi scheme had been going on for decades before he was caught in 2008.

Which of the Following Statements About the Bernie Madoff Ponzi