• 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 Emeritus 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 Emeritus 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 Emeritus
    Association of Certified Fraud Examiners
    Read James Ratley’s bio  

     

    Bruce Dorris, J.D., CFE, CPA
    President and CEO
    Association of Certified Fraud Examiners
    Read Bruce Dorris' bio  

     

    Andi McNeal, CFE, CPA
    Director of Research
    Association of Certified Fraud Examiners      


    For media inquiries and/or to arrange an interview, please contact Sarah Thompson, ACFE Public Information Officer: sthompson@acfe.com, (512) 478-9000, ext. 324.