Kiting: Definition and How It Works with Checks and Securities

What is Kiting? Kiting is a fraudulent financial practice that involves intentionally inflating the balance of a bank account by taking advantage of the time it takes for checks and securities to clear. It is a form of check fraud that can result in severe legal consequences. When someone engages …

High-Yield Investment Program (HYIP) – Definition and Fraudulence

What is a High-Yield Investment Program (HYIP)? A High-Yield Investment Program (HYIP) is an investment scheme that promises unusually high returns on investment in a short period of time. HYIPs typically claim to invest in various high-risk ventures such as forex trading, cryptocurrency trading, or real estate development. HYIPs often …

Bernie Madoff: The Mastermind Behind the Infamous Ponzi Scheme

Bernie Madoff: The Mastermind Behind the Infamous Ponzi Scheme Madoff was born on April 29, 1938, in Queens, New York. He grew up in a middle-class family and showed an early aptitude for mathematics and finance. After graduating from Hofstra University, Madoff started his own investment firm, Bernard L. Madoff …