<span>They are a type of functional group. Each part has its own task to perform, but the overall organism still needs all the parts to do their job well, else there will be a breakdown. When these parts are all doing what they need to do, society will function without issue.</span>
The biggest Ponzi scam in history was carried out by American banker Bernard Lawrence "Bernie" Madoff, who defrauded thousands of investors out of tens of billions of dollars over the course of around 17 years.
Madoff recruited investors by promising to provide significant, consistent profits using a legal trading approach known as split-strike conversion. However, Madoff put client money into a single bank account, which he then used to pay returning customers.
When the market drastically declined in late 2008, he was unable to continue the deception. He paid redemptions by luring new investors and their funds.
In the scam Madoff just put their money of the investors in a Chase Manhattan Bank account, which was later combined to form JPMorgan Chase & Co. in 2000.
To learn more about Bernie Madoff scam, refer
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