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Bernard Madoff Research Paper

358 Words2 Pages

Bernard Madoff, born on April 29, 1938, has been running three successful companies until December 2008. The first one was a brokerage firm, the second was a proprietary trading firm and the third one was an investment advisory firm. The latter one has collapsed in December 2008 due to the biggest Ponzi scheme in financial history. Investors have entrusted him in total $20 billion. He pretended to invest the money in investment funds. In reality he did not invest any money he has received, but distributed it to family members and close friends. Not even his sons, which were running the other two businesses, knew about his fraudulence.
Bernard Madoff had installed such an intelligent system that he could betray investors, auditors and custodians

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