Boston University law professor Tamar Frankel testified as a fraud expert before
Congress Jan. 5 in the first SEC hearing
regarding Bernard Madoff’s alleged Ponzi scheme. Frankel has been working to bring what may prove to be an elaborate fraud to light by contributing her expertise in Ponzi schemes.
Authorities arrested Madoff at his New York City office on Dec. 11 and charged him with securities fraud for orchestrating a Ponzi scheme.
Named after Charles Ponzi, a conman in the 1900s, a Ponzi scheme pays early investors off with funds from new investors. The former Nasdaq stock exchange chairman and founder of Bernard L. Madoff Investment Securities LLC’s scheme ended when investors began to request funds from his firm because of the recession.
Excerpted from DailyFreePress.com.
Named after Charles Ponzi, a conman in the 1900s, a Ponzi scheme pays early investors off with funds from new investors. The former Nasdaq stock exchange chairman and founder of Bernard L. Madoff Investment Securities LLC’s scheme ended when investors began to request funds from his firm because of the recession.
Excerpted from DailyFreePress.com.
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