Luxury Inside - April 2022 - Offroad in heels - 7
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But wait we are not talking about Ponzi here, In Madoff’s case - Investors would give their money to invest and Madoff gives them a healthy return but the return does not come from actual investments, he simply gives back a small portion of their initial investment instead. Eventually the money dries up so the stock needs to be replenished. Madoff then moves on to the next investor and so the scam grows larger. How did it look ? The investor has money invested in Madoff’s firm and gets a good return.
But in reality - The money is being siphoned into Madoff's own accounts as well as paying off old investors to keep the lie afloat. Meanwhile he would show investors false reports that showed they were making money and if any of them wanted out he would pay them with money from the group account. Actually, Madoff or his firm hadn’t made a single trade since 1993 or perhaps even earlier. Furthermore, the fraud ran until the market went into a recession in 2008.
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