Affinity Fraud

The SEC has a special name for getting screwed with your pants on by someone you trust: affinity fraud!

The Madoff scandal is a textbook example of affinity fraud, as Bernie exploited a huge number of religious ties in order to build his giant Ponzi scheme. Madoff scammed the Jewish community big-time, and many Jewish charities and universities suffered big losses as a result. The good news is that the Torah reserves “a special circle in Hell” for people who steal from charities. I assume most religious texts do, actually, so that’s probably a lesson for future affinity fraudsters.

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