madoff scheme

Formerly known as a Ponzi scheme.

A lot of people lost their life savings in a Madoff Scheme. Too bad they didn't do their due diligence before handing over their money.

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Madoff scheme

An unusually large Ponzi scheme, such as the $50 billion scheme Bernie Madoff operated.

Madoff's Ponzi scheme was so large, we can't even call it a Ponzi scheme. We call that a Madoff scheme.