Madoff Scandal

2_63_madoff_bernard01Kurt Bouwhuis, Mackinac Center Intern

The following is the best description I could find regarding the Madoff Scandal:

Madoff was arrested on one charge of securities fraud Thursday and released on $10 million bail. He faces up to 20 years in jail in what authorities say was “a giant Ponzi scheme.” Such a scheme can involve taking investments from clients, spending the money on yourself and repay the clients out of other clients’ accounts.” – Foxnews.comFull article Here.


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