Bernie Madoff is in jail for 150 years for his Ponzi scheme but this individual shows that it is possible to make money out of Madoff
A Ponzi scheme is named after 1920s fraudster Charles Ponzi and involves paying investors returns from other people’s investments rather than from genuine profits earned by the investments.
Typically people are attracted to such a scheme by the unusually high rates of returns that have been obtained.
They then will almost certainly end up losing their money though as it becomes apparent that the high rates of return are not from genuine investments but from other people’s money.
Madoff’s Ponzi scheme was the largest ever seen in the world and estimated losses to the investors are thought to be in the region of $18 billion.
The US authorities tried to get as much money as possible from Madoff’s assets to try to cover some of the losses that individual investors suffered.
Designer John Vaccaro is a creative individual who bought most of Madoff’s clothes that had been put up for auction by the US Marshals. He then cleverly had the clothes cut up and made into iPad covers.
His iPad covers which are made out of Madoff’s old clothes sell for between $350 and $500 each and are apparently the latest craze that is hitting Wall Street in the states.
Just how long supply will last though is another thing. After all there was only a finite amount of clothes that were purchased.
Then again, the Designer could always set up his own little Ponzi scheme and start using other people’s clothes to supply the next batch…
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