Franking Machines

Bernard Madoff has received the maximum sentence of 150 years. Madoff was behind what is believed to be the frauds biggest fraud which robbed investors of $65 billion (£40 billion). Madoff operated a Ponzi scam which is where he pays investors with money which is taken off other investors rather than real profits. Madoffs victims ranged from ordinary people to large corporations including HSBC and The Royal Bank of Scotland. It was the global recession which uncovered the massive scam as investors tried to withdraw funds and Madoff did not have the funds to cover this. Madoff will spend the rest of his life in prison.