Madoff One gimmick Social Foundation

Kompas, New York, SATURDAY - Bernard Madoff vessel not discriminate deceptive. Ponzi scheme after it confuse the blue-sector financial, social foundations shift point. Madoff own thousands of suspected fraudulent investors to value losses 50 billion U.S. dollars.

In New York, the foundation classmates Picower Foundation, said the money lost 1 billion U.S. dollars as confident in the management of the elders to the capital market is Sam.

Barbara Picower, which together with her husband established the foundation in 1989, said Saturday (19/12), bringing losses to the impact of destroying hundreds of social activities for the middle run.

Ponzi scheme known as the name is taken from Charles Ponzi perpetrator first-deception and indirection in the investment world in 1919, promises to yield or return from a very high financing. However, reverse it, or the fees charged in fact very low.

In fact, the perpetrator of this deception and fraud just to pay a yield customers with the money coming from a new customer. This circle can continue cheating during the new investors are still entering.