In 2009 in America, Bernard Madoff, one of the most famous business men in the United States and a part-builder of the largest financial pyramid in American history, was convicted. It was one of the most known and big investment scandals in the history of Wall Street.
Bernard Madoff, the founder of the Financial Pyramid, which attracted a huge sum around $50 billion, threw the USA in shock. Since the mid-60s of the last century, the name Madoff was synonymous with scrupulous honesty and nobility, innovation and, of course, success. This has helped him for decades to deceive his clients. The irony is that the reputation of an honest, noble innovator was well deserved. And to create a large-scale scheme of deception of all — from their own …show more content…
The account replenished from the funds of new clients, from which the financier did not have any. According to a British newspaper investors literally lined in line to give him money. After the arrest, the authorities published a list of all clients of his pyramid: In addition to a lot of just very wealthy people (one of them later told that he had entrusted Bernard $11 million, that is 95% of his capital), the list included several dozen large charitable foundations (including, for example, charitable Steven Spielberg Foundation) and the world's leading banks.
It cannot be said that Bernard's activity did not cause any questions. One day, it even came to a scandal. A meticulous expert publicly stated that the results of his fund's activities declared that Madoff contradict not only common sense, but also the laws of mathematics: "Such results are impossible even theoretically". But nobody was listening to him because it was the word of a simple expert against the word of the Wall Street legend. “No one thought about who to believe in” says one of the
Bernard Madoff, the founder of the Financial Pyramid, which attracted a huge sum around $50 billion, threw the USA in shock. Since the mid-60s of the last century, the name Madoff was synonymous with scrupulous honesty and nobility, innovation and, of course, success. This has helped him for decades to deceive his clients. The irony is that the reputation of an honest, noble innovator was well deserved. And to create a large-scale scheme of deception of all — from their own …show more content…
The account replenished from the funds of new clients, from which the financier did not have any. According to a British newspaper investors literally lined in line to give him money. After the arrest, the authorities published a list of all clients of his pyramid: In addition to a lot of just very wealthy people (one of them later told that he had entrusted Bernard $11 million, that is 95% of his capital), the list included several dozen large charitable foundations (including, for example, charitable Steven Spielberg Foundation) and the world's leading banks.
It cannot be said that Bernard's activity did not cause any questions. One day, it even came to a scandal. A meticulous expert publicly stated that the results of his fund's activities declared that Madoff contradict not only common sense, but also the laws of mathematics: "Such results are impossible even theoretically". But nobody was listening to him because it was the word of a simple expert against the word of the Wall Street legend. “No one thought about who to believe in” says one of the