Question


On March 12, 2009, financier Bernard Madoff pled guilty to an 11-count criminal complaint, charging him with violating the antifraud provisions of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940. At his hearing, Madoff admitted that he had defrauded thousands of investors in the nation's most elaborate financial crime. On June 29, 2009, Madoff was sentenced to 150 years in prison, a life sentence. Madoff's Ponzi scheme has been estimated to have cost clients some $65 billion, maybe the largest criminal conspiracy in history.
The type of crime Madoff perpetrated was a(n)
a. swindle
b. embezzlement
c. client fraud
d. corporate crime

Answer

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