It is my belief that Bernard Madoff engaged in the Ponzi scheme at first to build his company. Bernard was a “blue collar” worker, upon graduation from high school he was a life guard in the summer and installed refrigeration systems. Bernard Madoff Investment Securities was started from the labor of these jobs (Gregoriou & Lhabitant, 2009). What may have started as a temporary scheme to ensure the success of his company, quickly got away from him; although I do believe that Madoff found a loop hole in the stock exchange and took advantage of it. My reasoning to believe this is by the following: the exclusiveness with investing with Madoff, the heavy presence of nepotism within BMIS, and the lack of compliance with the Securities and Exchange
