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Who was Bernie Madoff?

NOEL KING, HOST: Bernie Madoff, who carried out one of the most notorious Ponzi schemes in history, died on Wednesday while serving a prison sentence in North Carolina. Madoff was a legendary figure on Wall Street who robbed thousands of investors of their savings. NPR's Jim Zarroli looks back at Madoff's life.

What was Madoff's scheme?

Madoff admitted during his March 2009 guilty plea that the essence of his scheme was to deposit client money into a bank account, rather than invest it and generate steady returns as clients had believed.

Was Madoff's 'unsophisticated portfolio management' a Ponzi scheme?

Markopolos declared that Madoff's "unsophisticated portfolio management " was either a Ponzi scheme or front running (buying stock for his own account based on knowledge of his clients' orders), and concluded it was most likely a Ponzi scheme.

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