Together, Reducing Fraud Worldwide
Madoff and Ponzi Scheme Media Resources
“As the Ponzi scheme grows, it becomes more and more top-heavy, and requires more and more cash to keep it afloat. Every time we have a recessive economy, the lenders and investors try to withdraw funds and the money becomes more difficult to raise. As a result, a Ponzi scheme that has flourished up until this point becomes exposed. In all likelihood, the Madoff fraud was exposed because he could not raise enough money to keep the scheme afloat." - ACFE President James D. Ratley, CFE The ACFE published a feature article in the January edition of The Fraud Examiner e-newsletter that addresses the alleged fraud. The article includes insight from ACFE President James D. Ratley, CFE, who has been interviewed by the Fox News Channel, Reuters and other media sources since the Madoff story broke in December. The article also includes information about the nature of a Ponzi scheme and the history of Charles Ponzi: "The King of Ponzi Schemes", January 2009. In the article, Ratley states: “The longer the economy stays in a recession, the more Ponzi schemes you’ll see begin to surface because of the diminished cash flow.” Madoff and Ponzi Schemes in the News There have been many news articles written about Bernard Madoff's alleged fraud. Here is a small sampling of them, in order by publishing date: Madoff Taped Telling Colleagues How to Deal With Regulators CNN, Sept. 10, 2009 SEC Never Did 'Competent' Madoff Probe, Report Finds Bloomberg, Sept. 2, 2009 Chasing Madoff Fraud Magazine, May/June 2009 Pursuer of Madoff Blew a Whistle for Nine Years USA Today, Feb. 12, 2009 Madoff Whistleblower Blasts SEC CNN Money, Feb. 4, 2009 Trouble Times Bring Mini-Madoffs to Light The New York Times, Jan. 27, 2009 Beyond Madoff, Ponzi Schemes Proliferate Time, Jan. 23, 2009 U.S. to Appeal Magistrate Ruling Allowing Madoff to Remain Free Bloomberg, Jan. 13, 2008 Madoff's Method The Boston Globe, Dec. 16, 2008 Prominent Trader Accused of Defrauding Clients New York Times, Dec. 11, 2008 To support media articles about Madoff, Ponzi schemes and any fraud-related subject matter, interviews can be arranged with key ACFE contacts, including:
James D. Ratley, CFE President and CEO Association of Certified Fraud Examiners Read James Ratley’s bio
Bruce Dorris, J.D., CFE, CPA, CVA Vice President and Chief Financial Officer Association of Certified Fraud Examiners Read Bruce Dorris' bio
Allan Bachman, CFE Education Manager Association of Certified Fraud Examiners
For media inquiries and/or to arrange an interview, please contact Scott Patterson, ACFE media relations specialist: firstname.lastname@example.org, (512) 478-9000, ext. 156.
The Madoff Case & Ponzi Schemes
For media assistance, please contact: Scott Patterson Senior Public Relations Specialist Association of Certified Fraud Examiners 716 West Avenue Austin, TX 78701-2727 USA (512) 276-8156 Email: email@example.com
© 2014 Association of Certified Fraud Examiners, Inc. All rights reserved.