RE: Zak Mir and I are in total agreement here8 Aug 2025 08:28
Yes but who would have believed in the 1990s Madoff’s Ponzi scheme was operated through the wealth management portion of his business. It was a classic – and, in fact, frighteningly simple – Ponzi scheme. Madoff attracted investors by promising them extraordinarily high returns on their investments. However, when investors handed over the money, Madoff just deposited it into his personal bank account at Chase Manhattan Bank. He paid “returns” to earlier investors using the money obtained from later investors. Clients’ trading statements, showing their alleged profits, were complete fabrications.
Impossible thing to do today of course with all the organisations checking out the quaily of a company news release.