Bernie Madoff Scandal
Bernie L. Madoff Investment Securities LLC
- They Operate as a securities broker/dealer in the United States and internationally.
- It was founded in 1960.
- The HQ is in New York.
- Their CEO was Bernard Madoff.
- The company started as a family business.
Bernie tricked investors out of $64.8 billion through the largest Ponzi scheme ever.
Main players involved in the scandal were Bernie Madoff, his accountant, David Friehling and Frank DiPascalli.
Bernie Madoff got 150 years in prison and a $170 billion restitution.
How did they do it?
They paid investors returns of their own money or money of other investors and kept all of the profits.
How did they get caught?
Madoff told his sons about the scheme and they reported him. He was arrested the following day.
- His fraud was revealed months after the financial crash in 2008.
- It is referred to a $65 billion crime when he actually only stole 20 billion.
- Even now nobody knows when the scheme started