Bernie Madoff was a well-respected, intelligent, and charitable individual. Having served on a government regulatory board and as Chairman of the NASDAQ from 1990-93, further entrusted individuals to Madoff (Ferrell, Fraedrich, & Ferrell, 2013). Holding increased titles within the community, Bernie Madoff was respected not only for his business savy, but for his philanthropy.
The investment firm operated in an “invitation only” approach that added to the air of a high-class, elitist firm, yet being wealthy did not guarantee membership (Gregoriou & Lhabitant, 2009). When only a few can be part of the club, many strive to obtain a membership.…