Madoff Questions COle nyarango

1. Ponzi scheme works by appealing to investors and promising steady returns. ex. 10%. These investors spread the word and soon others invest building on the flow of cash.

2. Bernie kept his scheme going on for so long because while he had already built a foundation of investors, he sought out more investors by saying that the trade value would continue to rise, he did this so he could repay the people whose money he had already taken. Madoff also took advantage of feeder funding.

3. A Ponzi person is very charismatic and extremely appealing. Also they appear friendly trustworthy and caring.

4. The reason why the SEC didn't take any action against madoff, is because they were really underfunded and they lacked resources. Madoff was also apart of the SEC so they had an inherent biased.

5. Madoff mostly did it because of greed and all the cash most likely made him feel powerful and superior to others. Probably had some past issues that inspired to commit these acts.

6. Madoff's prison is actually pretty luxurious providing him with everything he needs to stay comfortable. he described it as a "college Campus".

7. Madoff's firm was investigated 8 times in the past 15 years by the SEC.

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Cole Nyarango

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