Explain how the unethical behavior and actions of bernie madoff and his associates lead to the bilking investors out of billions of dollars.

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03-08-2022
Social Studies

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Explain how the unethical behavior and actions of bernie madoff and his associates lead to the bilking investors out of billions of dollars.

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MubeenaD MubeenaD · Answer 1 · 2022-08-13T00:34:53-04:00

The biggest Ponzi scam in history was carried out by American banker Bernard Lawrence "Bernie" Madoff, who defrauded thousands of investors out of tens of billions of dollars over the course of around 17 years.

Madoff recruited investors by promising to provide significant, consistent profits using a legal trading approach known as split-strike conversion. However, Madoff put client money into a single bank account, which he then used to pay returning customers.

When the market drastically declined in late 2008, he was unable to continue the deception. He paid redemptions by luring new investors and their funds.

In the scam Madoff just put their money of the investors in a Chase Manhattan Bank account, which was later combined to form JPMorgan Chase & Co. in 2000.

To learn more about Bernie Madoff scam, refer

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Explain how the unethical behavior and actions of bernie madoff and his associates lead to the bilking investors out of billions of dollars.

Sagot :

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