'Fraud' text rising

Bernard Madoff used funds provided by new investors to pay some of his clients over many years.* This mechanism, known as a Ponzi scheme, made thousands of victims. But how could such a fraudulent system thrive on so large a scale for such a long time? Hervé Stolowy and his co-authors analyzed the mechanisms at work and looked at the role trust played in the fraud’s origins and subsequent (...)

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