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15 May, 08:23

Bernard (bernie) madoff used money from newer investors to pay off older investors. which type of scam was madoff running?

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  1. 15 May, 08:31
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    A Ponzi Scheme - Named after Charles Ponzi who used a technique similar to that used by Bernie Mardoff. It is often mistakenly considered exchangeable with pyramid schemes. A Ponzi scheme is different since the schemer acts as a hub for all the victims. On the other hand, a pyramid scheme is designed in a way that additional participants are mandated with recruiting new victims. A ponzi scheme also survives longer than a pyramid scheme.
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