Bernie Madoff is dead – E24

Bernard Madoff goes down in history as America’s biggest scammer to date.

Bernard Madoff received a far harsher prison sentence than Enron’s Jeffrey Skilling and WorldCom’s Bernard Ebbers.

Born. April 29, 1937 in Queens, New York. He made a living using various odd jobs before gaining a foothold as a Wall Street financial broker.
1960. Founding the investment company Bernard L. Madoff Investment Securities LLC. Apparently became a king Midas for his investors, many of them of Jewish descent in New York.
Nasdaq. Participated in the founding of the Nasdaq Stock Exchange in 1971. Chairman of the Board for several years.
Revealed. The revelation came in two stages. Not until December 10, 2008, when Madoff admitted the pyramid scheme to two of his closest associates, who were also Madoff’s sons. Second stage: The next day, December 11, 2008. Madoff reported to the New York police and was arrested.
Criminal cases. Pleaded guilty to 11 charges when the criminal case began on March 12, 2009, including fraud and money laundering.
The Ponzi game. Madoff’s fraud is constantly explained by the reference to the Ponzi scheme in the interwar period. The scam was named after Charles Ponzi, who in 1920 carried out a large-scale operation with the US Postal Service’s reply coupons in Boston. “Ponzi schemes” describe a pyramid scheme where the return that goes to the first investors, as a general rule, is paid by funds received from later investors. The outside world constantly believes that it is the profits from good investments that ensure the payments to the first investors.
Was tricked. Among the investors who have lost money are 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. Spain’s film director Pedro Almodóvar, actors Kevin Bacon and John Malkovich and TV host Larry King were also swindled.

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