The news has been filled with Bernard Lawrence Madoff (born April 29, 1938), who is an American businessman, and former chairman of the NASDAQ stock exchange. He founded the Wall Street firm Bernard L. Madoff Investment Securities LLC in 1960. On December 11, 2008, he was charged with perpetrating what may be the largest investor fraud ever committed, termed as a Ponzi scheme. In case you were wondering, HotForWords provides a good explanation of the term Ponzi scheme below:
Moral of the story: There's no such thing as a free lunch.
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