Fruad Of The Century Summary

In the “The Fruad of the Century: The Case of Bernard Madoff discusses Madoff was an investor who took funds from new clients in order to show earnings and payoffs for existing clients. He was building new clients by showing his existing clients that he would make the return. Once the existing client gained his trust and saw the return, they introduced and recommended Madoff to their friends and family so that they too could have the same return investment. Ethically Bernie Madoff lied to his clients about their investment returns. He gained their trust by being charismatic, charming and promising a return of 8-12% which he had a proven track record. Madoff created an “elaborate confidence game in which a victim is induced to give money