Ponzi scheme

Bernard Madoff worked as a lifeguard to earn enough money to start his own securities and hedge fund firm in the 1960s which touted compounded returns of 18 to 20% annually. Last month, the former chairman of the NASDAQ stock market was arrested and charged with allegedly running a $50 billion "Ponzi scheme" in what may rank among the biggest fraud cases ever and may spark unprecedented, global securities reform. Read more