How could Penza make so much money for people? This is what he did with the money people gave him: He used some of that money to pay other people who gave him money. However, he also kept a lot of the money for himself. Soon he had $250 million. This was a kind of theft, and it was against the law. The people who gave him their money didnt think anything was wrong. Penza paid them every month, just like a bank... Penza continued this way of working for two years. Then one day, he didnt have enough money to pay all the people. They discovered his crime, and he went to prison for fraud. Ninety years later, people began to hear about a businessman In New York named Bernard Mad off. People said he gave good advice about money. They said when they gave him their money; he paid them a lot more than the bank. Mad off helped hospitals, schools, and individuals exam money. Over a period of 40 years. People gave him $170billion. However, no one intest gated what he did with the money. The people who gaveMadoff their money also didnt think anything was wrong because he paid them every month.
One day, mad off didnt have enough money to pay all the people he needed to pay.Thafs when people discovered how mad off worked: He was taking money from some people to pay other people, just the way Charles Penza did. However, this time, instead of losing millions of dollars, people lost billions.
Mad off was accused of fraud, and United States movement officials arrested him
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