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The sale of the 'calls' is designed to increase the rate of return, while allowing upward movement of the stock portfolio to the strike price of the 'calls'.The 'puts', funded in large part by the sales of the 'calls', limit the portfolio's downside." In his 1992 "Avellino and Bienes" interview with The Wall Street Journal, Madoff discussed his supposed methods: In the 1970s, he had placed invested funds in "convertible arbitrage positions in large-cap stocks, with promised investment returns of 18% to 20%", Mitchell Zuckoff, professor of journalism at Boston University and author of Ponzi's Scheme: The True Story of a Financial Legend, says that "the 5% payout rule", a federal law requiring private foundations to pay out 5% of their funds each year, allowed Madoff's Ponzi scheme to go undetected for a long period since he managed money mainly for charities.

Alerted by his sons, federal authorities arrested Madoff on December 11, 2008.The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008.In December of that year, Bernard Madoff, the former NASDAQ Chairman and founder of the Wall Street firm Bernard L.Initially, the firm made markets (quoted bid and ask prices) via the National Quotation Bureau's Pink Sheets.To compete with firms that were members of the New York Stock Exchange trading on the stock exchange's floor, his firm began using innovative computer information technology to disseminate quotes.

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