US Investment Scam Claims a Life
751 views · Published 29 December 2008 · 2:24 · Indexed 20 September 2026
Channel: Voice of America · 2008 · News & Politics
A French investment banker, who invested with disgraced financier Bernard Madoff, took his own life in New York this week. VOA's Barry Wood reports that the alleged $50 billion Madoff fraud is only the latest in a string of pyramid schemes that have robbed millions of people of their savings. The schemes pay old investors with some of the funds of new contributors. They collapse when investors rush to get their money out, as happened in the latest New York scandal.
