keep attracting new levels of investors because your not actually investing there money into anything. you need to keep getting more and more victims to pay off the old victims which creates a cycle with the new paying for the old.
social feed back loop which made him getting more and more people.
someone with charisma and was cunning, looked trustworthy, beloved "the confidence man" go to guy. "a caring individual"
madoff was to proud to admit his own weaknesses so he couldn't stop. he was honest and believed in his own skill to pay back the money of the investors he promised.