Madoff Questions michael Palmer

1. A Ponzi scheme is an investing scam where a con artist will promise high rates of return and take money from new investors and use it to pay old investors.

2. Bernie Madoff was able to pull off a Ponzi because he has such a big profile and was part of the SEC. They never caught on because the SEC had other priorities at the time.

3. A "Ponzi Person" is usually very persuasive and kind. They are usually very smart and have a high spread education allowing them to pull in more investors and make more money in the long run.

4. The SEC mainly didn't confront Madoff about the Ponzi scheme even after being warned because the SEC never focused enough on Madoff to figure out what kind of person he was. The SEC later became aware of Madoff when RenTec, which contained some of the smartest and most educated people on hedge funds, sent reports of pay rates to the SEC and it all led back to Bernie Madoff

5. I think Bernie Madoff pulled off the ponzi scheme because he is a very crooked man who felt that he needed to steal money from other people to try and "invest the money" when he really took it for himself. Bernie Madoff was and still is a perfect representation of a con man or a confidence man.

Ponzi schemes are pulled off by a con man taking money from an investor and taking it for himself

Bernie Madoff took money from charities

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