What is the Madoff Split Strike Conversion Strategy and how does it work?

The Madoff Split Strike Conversion Strategy was a type of investment strategy created by Bernie Madoff. It involved investing in a combination of stocks and options to generate returns. The strategy aimed to provide steady returns by using a mix of long and short positions in the Stock Market. However, it was later revealed to be a fraudulent scheme where returns were paid out using new investor funds, rather than actual profits.