The cognomen Madoff has been stained with deception as it relates to American investment fraud history. Bernie Madoff masterminded a modern day Ponzi scheme, which was the biggest investment fraud known to Wall Street that amounted to $65 billion swindled from investors for a 20 year period (Graybow & McCool, 2009). Madoff, 77 years old, is currently serving a 150-year prison term at Metropolitan Correctional Center in Lower Manhattan; 150 years was the maximum sentence for his crimes (Henriques, 2009).
Since Madoff’s federal arraignment, many relating events have taken place adding on to the disdain. For instance, Madoff brother Peter Madoff is currently serving a jail term for his related crimes with the Ponzi scheme. Peter Madoff, 67 years old, was served with a 10-year sentence …show more content…
There are endless victims that were affected by the Ponzi scheme, working class Americans, millionaires and charitable foundations. It is scary to know that the security regulation permitted the deception for so long. It leaves so much uncertainty to investors, are their life savings really protected? If so, where is the insurance to cover the uncertainty? I believe the SEC needs an insurance clause in their lack of findings. I could not imagine the devastation if it were someone in my family who was forced into poverty because a Madoff capitalized on their lack of knowledge in order to lavishly live for himself and family members. The cited facts are truly disturbing.
Nonetheless, we in American are always looking forward to wholesome entertainment, comprised of deception and wealth, resulting in Madoff’s story coming to theaters. According to Time, Bernie Madoff’s story will be relived onscreen in 2016, with actor Robert DeNiro playing Bernie, alongside Michelle Pfieffer playing wife Ruth Madoff (White, 2015).. The film, brought to us by HBO will be titled “Wizard of Lies,”
Since Madoff’s federal arraignment, many relating events have taken place adding on to the disdain. For instance, Madoff brother Peter Madoff is currently serving a jail term for his related crimes with the Ponzi scheme. Peter Madoff, 67 years old, was served with a 10-year sentence …show more content…
There are endless victims that were affected by the Ponzi scheme, working class Americans, millionaires and charitable foundations. It is scary to know that the security regulation permitted the deception for so long. It leaves so much uncertainty to investors, are their life savings really protected? If so, where is the insurance to cover the uncertainty? I believe the SEC needs an insurance clause in their lack of findings. I could not imagine the devastation if it were someone in my family who was forced into poverty because a Madoff capitalized on their lack of knowledge in order to lavishly live for himself and family members. The cited facts are truly disturbing.
Nonetheless, we in American are always looking forward to wholesome entertainment, comprised of deception and wealth, resulting in Madoff’s story coming to theaters. According to Time, Bernie Madoff’s story will be relived onscreen in 2016, with actor Robert DeNiro playing Bernie, alongside Michelle Pfieffer playing wife Ruth Madoff (White, 2015).. The film, brought to us by HBO will be titled “Wizard of Lies,”