Answer the following questions:
1. How did authorities discover Bernard Madoff's scam?
a. an investor who lost billions of dollars reported him
b. his son was a lead investigator with access to all his personal files
c. his auditor turned him in
d. Madoff had confessed to his sons, who then told the police
2. What sort of returns did Charles Ponzi promise his investors?
a. 2-3 per cent profits
b potent medicine made from ants
c. a 40 per cent yield
d. 110 per cent of the original investment
3. What legal punishment is Madoff expected to receive?
a. life imprisonment
b. the death penalty
c. a caning
d. a heavy fine
Match the words with their meanings below:
1 white-collar crime
a someone who loves humanity and therefore frequently donates time or money to charities
b in investment terms, the profit
c a non-violent crime affecting a corporate operation, such as fraud or theft
d in investment terms, the profit expressed as a percentage of the original investment
e a way to describe a person who makes situations turn out the way they want
Past perfect tense
The past perfect tense is used to describe an action that happened in the past. It is formed by combining 'had' with the past participle.
I had never seen a live panda before visiting Ocean Park yesterday.
WRONG: I never saw a live panda before visiting Ocean Park yesterday.
Correct the following statements by replacing the italicised verbs with the past perfect tense:
1. She studied Putonghua before moving to China.
2. By the time our food arrived, Josh left.
3. Fortunately, mum uploaded the photos right before her camera broke.
4. Bob was stressing because he did not study all week.
5. I did not visit Japan before this trip.
1. What is the difference between a Ponzi and a pyramid scheme?
2. Describe an example of a Ponzi or a pyramid scheme not cited in the passage.
3. Why do you think investors fall for such scams time after time?
1. c, 2. d, 3. e, 4. a, 5. b
Reading comprehension: 1. d, 2. c, 3. a
1. She had studied Putonghua before moving to China.
2. By the time our food arrived, Josh had left.
3. Fortunately, mum had uploaded the photos right before her camera broke.
4. Bob was stressing because he had not studied all week.
5. I had not visited Japan before this trip.