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Essay on Bernie Madoff Ponzi Scheme - 785 Palabras | …
And with this recession biting hard and the poor being the hardest hit of all, they would gladly welcome any scheme that offers an easy, stress-free way to get out of poverty and the recession.
In that kind of situation, the people would chose to believe that their only means of survival - MMM - cannot and will not fail. The peddlers of the scheme do not need to do anything more. The people are fully convinced and will cook up all excuses and justifications to continue to put their money in thescheme.
For instance, the manufacturers of tobacco warn people that "smokers are liable todie young". But, does that stop people from smoking? They will tell you that even many non-smokers die young.
Essay about Ponzi Scheme - 859 Words - StudyMode
He was arrested and charged with two federal indictments and eighty-six mail fraud counts. With potency for a lifetime in prison, Ponzi pleaded guilty to the charges based on pressure from his wife, in the year 1920. He received a prison term of five years that was to be served in a federal penitentiary, due to his involvement in instigating one of the largest defrauding schemes in the world. He was later released after a period of forty-two months but was immediately rearrested by the Massachusetts State on charges of Larceny. He had been promised by the Federal courts that his guilty plea would waiver any other criminal charges against him in his concoction of the fraudulent scheme. Ponzi sued the state with claims that it did not have any jurisdiction to charge him, given that he was a state prisoner. In the year 1922, in one of the larceny charges hearings, he was self-represented since he had inadequate funds to find proper legal representation.