1. A Ponzi scheme is fraudulent investment and they fool the people in thinking their money is secure but in reality they take all the money and it makes them corrupt.
Facts:Bernie Madoff started with $5,000 he saved by working as a lifeguard.HE had many high profile victims, including director Steven Spielberg, actor Kevin Bacon and Kyra Sedgwick and many others. About 16,519 have filled claims against Madoff.
Madoff scheme in being successful: He was good at manipulating his investors and he was a confident man by fooling the people with his kindness, and he was also an incitier.
Type of person "Ponzi": A ponzi person is someone who's a fraud and steal people's investments and is good at winning people over by offering something that is to good to be true.
SEC:A mathematician was telling that madoff was running a ponzi scheme but SEC did nothing because madoff was behind all of that
Madoff intentions: He intended to get all the money from his customers and lie about their money being secure but he actually kept all the money.