Writing Resources
INTRODUCTION Bernard Madoff was a former chairman of NASDAQ stock exchange He started his investment advisory firm on his own He has be guilty for the defrauding of the investors of amount 50 billion which he was running the biggest Ponzi scheme for around two decades In 2008 December when there were economic disturbances and meltdown in the United States Madoff couldn't carry his functions and satisfy his Investors requests of cash He decided to come clean and accept the fraud he has committed The Wall Street has collapsed due to the Ponzi scheme as it was the massive investment fraud which has affected many people including the high profile investors And also the fraud scam has left more than 12 000 investors and many faking investment returns over the years Madoff has taken in client assets and transferred it to his personal accounts He mailed out fake account statements to hide the ruse When clients came in to withdraw the funds he uses to acquire recently acquired capital from other investors In the marketing point of view he had sold his product to clients as a hedge fund by promising performance at a consistent rate whatever the market conditions would be Circumstances surrounding the exposure
