Case Study Of Bernie Madoff

1793 Words 8 Pages
In December 2008, Bernard "Bernie" L. Madoff owner of Bernard L. Madoff Investment Securities LLC wasarrested for committing a $50 billion investment fraud, which later was found to be $65 billion (Bernard L. Madoff. February 9, 2009).Bernard Madoff 's business was an investing firm that pulled off a massive fraud. His firm took money from several people, rich or poor, it did not matter. His victims were Jewish philanthropists from the Upper East Side of New York, almost half the members of the Palm Beach Country Club, retired accountants living in Florida, film stars and several charitable organizations(Ahamed, L. 2011, May 14). In court 33 years old, Michael Swartz of New Jersey said, "I hope his sentence is long enough so his jail cell …show more content…
n.d.). Madoff’s office was located at 885 Third Avenue, New York, NY 10022 (Buisnessweek.com. n.d.). With the help of Madoff’s father-in-law, a retired C.P.A. the Bernard L Madoff Investment Securities LLC company attracted an impressive client list (Bernard Lawrence Madoff. 2014). Madoff had hundreds of victims; some of them were members of his Jewish community who he met through country clubs and social networks some were his friends and family (Bernard Lawrence Madoff. 2014).Burt and Joanne Meerow became victims of Madoff’s fraud in 2004 after Mr. Meerow retired from his consumer testing business. The Meerow’s placed their proceeds with a Madoff-linked fund after they heard about Madoff at their country club. The couple planned a comfortable retirement until they received a call while at the doctor’s office, Burt took the call on his cell phone and began crying out in panic, “I have no money, I have no money” he said. After hearing of Madoff’s arrest, they sold their New Jersey home for a good price and lost money on a Florida golf-club condominium. They sold their share of a ski home in Vermont and bought a smaller home.Mr. Meerow stated, “When your life gets altered overnight, you realize you don’t have to keep doing everything you’ve been doing”(Henriques, D. 2013, December

Related Documents