Bernard Madoff goes down in history as America’s greatest fraudster to date.
Bernard Madoff received a much tougher prison sentence than Jeffrey Skilling of Enron and Bernard Eppers of WorldCom.
Boy. April 29, 1937 in Queens, New York. He was making a living using various odd jobs before gaining a foothold as a financial broker on Wall Street.
1960. Incorporation of the investment company Bernard L. Madoff Investment Securities LLC. Midas appears to have become the property of his investors, many of whom are of Jewish origin in New York.
Nasdaq. He participated in establishing the Nasdaq Stock Exchange in 1971. Chairman of the Board of Directors for several years.
I showed. The revelation came in two stages. Not until December 10, 2008, when Madoff admitted the pyramid scheme to two of his closest colleagues, who were also Madoff’s children. Phase 2: The next day, December 11, 2008. Madoff reported to the NYPD and was arrested.
Criminal cases. He pleaded guilty to 11 charges when the criminal case began on March 12, 2009, including fraud and money laundering.
Ponzi game. Madoff’s fraud is consistently explained by reference to the Ponzi scheme in the interwar period. The scam is named after Charles Ponzi, who in 1920 carried out a large-scale operation using US Postal Service response coupons in Boston. “Ponzi Charts” describe a pyramid scheme in which the return that goes to the early investors is paid, as a rule, from the money received from the subsequent investors. The outside world consistently believes that it is the profits from good investments that guarantee payments to early investors.
Been deceived. Among the investors who lost money were cultural celebrities such as Elie Wiesel and Steven Spielberg. Both are of Jewish descent, as are many of those who invested their savings in Madoff. Spanish film director Pedro Almodovar, actors Kevin Bacon and John Malkovich, and TV host Larry King were also exposed to fraud.
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