The financial indecency performed by Bernard Madoff changed the financial world forever. He is not only former non-executive chairman of the NASDAQ stock market, but the man to operate the largest Ponzi scheme in history. Upon further research relating the awful nature of a Ponzi scheme, many people after the ordeal were hurt and affected closest to him, especially his own children and the individuals following him around the world. This is truly the most deceitful monster like act ever done and most likely ever will be done, in financial history.
The Awful Nature of a Ponzi Scheme
A Ponzi scheme is a fraudulent investment operation in which the scammer generates returns from older investors, through revenues paid by new investors. Instead …show more content…
His family consisted of his wife, Ruth Madoff, his son, Mark Madoff, and the youngest son, Andrew Madoff. All of which are either dead or avoid the media. Bernard’s children went to prestigious universities, Mark attending the University of Michigan, and Andrew attending Pennsylvania’s Wharton School of Business. The two then went on to receive a Bachelor’s degree in Economics prior to joining their father's business. However, Mark and Andrew were unaware of the scams happening within the business for an estimated total of 40 years (but not confirmed by Madoff himself). His son, Mark, was apparent to be the most affected after attempting suicide for the first time in 2009, with nothing left but a note for his father reading “Now you know how you have destroyed the lives of your sons by your life of deceit. f*** you,”. Then swallowing large quantities of ambien. Mark survived this attempt, but failed to escape his demons he felt during his father’s second anniversary of conviction. Mark then once again attempted suicide by looping a vacuum cleaner cord around a pipe in their living room to hang himself. The cord snapped, so he tried again with the leash of their family dog, Grouper, resulting in his death, with his twenty two month old son sleeping just rooms away from him. Later that same day, his lawyer commented on the suicide. “He was an innocent victim of his father’s monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo.". Other family members were not affected to the volume of Mark, but son, Andrew, and wife, Ruth, have been affected by accusations by the media and threats to their father going through them. Andrew recently died to Lymphoma, a cancer of the lymph nodes, while Ruth lives near her grandchildren, but not confirmed to this day, as she has made large attempts to keep out of
The Awful Nature of a Ponzi Scheme
A Ponzi scheme is a fraudulent investment operation in which the scammer generates returns from older investors, through revenues paid by new investors. Instead …show more content…
His family consisted of his wife, Ruth Madoff, his son, Mark Madoff, and the youngest son, Andrew Madoff. All of which are either dead or avoid the media. Bernard’s children went to prestigious universities, Mark attending the University of Michigan, and Andrew attending Pennsylvania’s Wharton School of Business. The two then went on to receive a Bachelor’s degree in Economics prior to joining their father's business. However, Mark and Andrew were unaware of the scams happening within the business for an estimated total of 40 years (but not confirmed by Madoff himself). His son, Mark, was apparent to be the most affected after attempting suicide for the first time in 2009, with nothing left but a note for his father reading “Now you know how you have destroyed the lives of your sons by your life of deceit. f*** you,”. Then swallowing large quantities of ambien. Mark survived this attempt, but failed to escape his demons he felt during his father’s second anniversary of conviction. Mark then once again attempted suicide by looping a vacuum cleaner cord around a pipe in their living room to hang himself. The cord snapped, so he tried again with the leash of their family dog, Grouper, resulting in his death, with his twenty two month old son sleeping just rooms away from him. Later that same day, his lawyer commented on the suicide. “He was an innocent victim of his father’s monstrous crime who succumbed to two years of unrelenting pressure from false accusations and innuendo.". Other family members were not affected to the volume of Mark, but son, Andrew, and wife, Ruth, have been affected by accusations by the media and threats to their father going through them. Andrew recently died to Lymphoma, a cancer of the lymph nodes, while Ruth lives near her grandchildren, but not confirmed to this day, as she has made large attempts to keep out of