The case of the Bernard Madoff fraud is based on the mail fraud conviction of one Charles Ponzi who "bilked thousands of people out of $ 10 million in 1919-20". Hence, the name of the fraud ever since has been a "Ponzi Scheme". This source suggests that from now on the fraud might be called a "Madoff Scheme". (More research will be required on this issue).
(Source: "Madoff won't appeal 150-year term, lawyer says" by Larry Neumeister of The AP. In The Record on 7/10/09).
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