Bernie Madoff May Not Be the Best Role Model
When Bernie Madoff's Ponzi scheme was exposed last December, most people were horrified by the massive fraud. Other people, however, took a little bit of inspiration from Madoff's exploits.
Genadi Yagodayev, a Queens man who started up a Ponzi scheme of his own a mere 11 days after Madoff was busted, managed to rake in $11 million during 2009 by promising investors annual returns of 21 percent. That's about five percent better than anything Bernie was offering. Unfortunately for Yagodayev, though, he didn't have Madoff's staying power. The SEC filed fraud charges against Yagodayev yesterday and a federal judge has since ordered that his assets be frozen.
