Bernard (Bernie) Madoff used money from newer investors to pay off older investors. Which type of scam was Madoff running?
A. illegal lobbying
B. insider trading
C. salami slicing
D. Ponzi scheme
E. whistle-blowing
D. Ponzi scheme
Financier Bernard (Bernie) Madoff, who confessed to running a $50 billion Ponzi scheme, used cash from newer investors to pay off older ones, the definition of this type of scheme.
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