Financier Bernard Madoff used a _____ for some fifteen years to enrich himself and other people who worked with him.

Question

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Bernard Madoff used a Ponzi scheme for some fifteen years to enrich himself and other people who worked with him. A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. Instead of investing the money, the schemer uses new investors' money to pay off earlier investors. Eventually, the scheme falls apart when new investments stop coming in and the schemer cannot pay off the earlier investors.

Financier Bernard Madoff Used a _____ for Some Fifteen Years