In 2008, Bernard Madoff was charged with an economic crime the likes of which had never been seen before in the U.S. Madoff was accused of defrauding investors of as much as $65 billion dollars. As with the O.J. Simpson case, Madoff’s activities resulted in both criminal prosecution and civil litigation (more than one). Madoff was charged with operating a “Ponzi” scheme. What is a Ponzi scheme? How does it work? Why is it illegal? Is it a “white collar crime?” What exactly did Madoff do that would explain why it was a Ponzi scheme? What theories of criminology do you believe most clearly explain what would compel or motivate someone like Madoff to commit such a crime?
