Hedge fund fraud: the iceberg or just the tip?
Posted by AccountingWEB in Tax on Mon, 15/12/2008 - 11:15
Who's Madoff with your money? Nichola Ross Martin looks at icebergs...
What a week it has been, what a year it has been. Bubbles are continuing to burst all over the financial services sector and the latest shocker is the saga of Bernard Madoff.
The former chairman of the US stock exchange, the Nasdaq, has been charged over a $50 billion hedge fund scam. The fraud was a "Ponzi" scheme, in which new investors’ money is used to pay the returns of older investors.
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