In 1960, Bernard Madoff founded Bernard L. Madoff Investment Securities LLC. This firm grew to become one of the top market maker business on Wall Street ("Bernard Madoff"). He sat on the board of Nation Association of Securities Dealers Automated Quotations (NASDAQ); and he helped advise the Securities and Exchange (SEC) on trading securities. On Wall Street, he was widely loved, and he even formed close bonds with a few of his clients. None of them could have possibly known that Bernard Madoff was perpetrating the largest Ponzi scheme in United States history. Madoff swindled $65 billion from all of his clients ("Bernie Madoff : Scamming of America - The $50 Billion Ponzi Scheme "). He used his smarts, trust gained from the community, and charm to pull off the largest scheme of the century.
Bernard L. Madoff Investment Securities LLC began as a penny …show more content…
Madoff was able to persuade thousands of investors to give him their savings for he could provide them with "consistent profits in return." Majority of the money he acquired from this scheme came from hedge funds ("Bernie Madoff : Scamming of America - The $50 Billion Ponzi Scheme "). He used his "inside popularity" to attract hedge fund money. He knew of a lot of wealthy people who looked to get an investment to receive preferable returns. Charity organizations, such as The Justice, Equality, Human dignity, and Tolerance (JEHT) Foundation, Chais Family Foundation, and Picower Foundation, were forced to shut down, because they invested their endowments in Madoff 's firm ("Bernard Madoff"). Norman Braman, the former owner of the Philadelphia Eagles, had $32 million from his family foundation invested in Madoff 's firm. During his trial (and possibly after), there were investors going up to his house demanding their money that they invested in Madoff. Within a month 's time, Bernard Madoff had become the most hated man (if not in the entire country) in New
Bernard L. Madoff Investment Securities LLC began as a penny …show more content…
Madoff was able to persuade thousands of investors to give him their savings for he could provide them with "consistent profits in return." Majority of the money he acquired from this scheme came from hedge funds ("Bernie Madoff : Scamming of America - The $50 Billion Ponzi Scheme "). He used his "inside popularity" to attract hedge fund money. He knew of a lot of wealthy people who looked to get an investment to receive preferable returns. Charity organizations, such as The Justice, Equality, Human dignity, and Tolerance (JEHT) Foundation, Chais Family Foundation, and Picower Foundation, were forced to shut down, because they invested their endowments in Madoff 's firm ("Bernard Madoff"). Norman Braman, the former owner of the Philadelphia Eagles, had $32 million from his family foundation invested in Madoff 's firm. During his trial (and possibly after), there were investors going up to his house demanding their money that they invested in Madoff. Within a month 's time, Bernard Madoff had become the most hated man (if not in the entire country) in New