Bernard Madoff Essay

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In what is considered one of the largest fraud cases in history, Bernard L. Madoff stole billions in not only savings, but investments and retirement funds from a wide range of individuals, businesses and not-for-profit foundations. The size and scope of this scam went way beyond anyone’s knowledge of occurrence at the time and ultimately caused a widespread financial crisis for all victims involved. Bernard Lawrence Madoff, American stockbroker and investment manager, graduated from Hofstra College with a B.A. in 1960. In the early 1960’s, Madoff founded and served as the sole member of Madoff Securities, along with its’ affiliate, Bernard L. Madoff Investment Securities (BLMIS). Located in New York City, BLMIS was engaged in the business market conducting exclusive trading and investment advisory services. This particular business is involved in buying and selling inexpensive stocks, by which are later traded for blue-chip stocks. MSIL (Madoff Security Investments of London) was incorporated in the United Kingdom engaging in exclusive trading. Madoff owned a majority of voting shares of MSIL and served as the chairman of MSIL Board of Directors. By the 1980’s, the firm gained a little …show more content…
Madoff, an American stockbroker and investment manager, committed one of the largest fraud cases in history stealing billions in savings, investments and retirement funds from a wide range of individuals, business and not-for-profit foundations. Once discovered for his illegal felony, Madoff was charge with a crucial criminal count of eleven crimes and intentional torts total, therefore being sentenced to one hundred and fifty years in jail with no bail. Unfortunately, on top of committing the various crimes, investors involved felt the pain and suffering as a result of their dealings with Madoff. The size of this Ponzi Scheme went way beyond anyone’s knowledge of occurrences and ultimately lead to the widespread financial crisis of all victims

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