Essay about Secrets, Lies and Bernie Madoff

3414 Words Nov 11th, 2012 14 Pages
Secrets, Lies and Bernie Madoff

It seems like they all start the same – with Secrets and Lies. With secrets and all the don’t tell anyone because it is exclusive talk - that’s the stuff that makes soap operas, scandals and the greatest ponzi schemes.
Everyone likes feeling like they have a great opportunity that not everyone gets to have and that it is exclusive, especially when it feeds their financial greed. Those are the ingredients that helped Bernie Madoff build the biggest Ponzi investment scheme in history. Madoff maintains that he never meant for it to be anything more than him investing for close friends and family however the secrecy and not accepting just anyone are part of what made so many people want
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Their estimated value at the time of the Madoff Fund collapse was about $7.3 Billion. • Sonja Kohn – an influential Jewish emigrant to Vienna who founded Austria’s Bank Medici. She had approximately $2 million invested with Madoff. Sonja brought billions of dollars to Madoff’s fund by using the same marketing philosophy as Madoff, she “used the promise of entrée to an otherwise unavailable investment as her key selling point.”[1] • Robert Jaffe – a former stockbroker who lived in Florida and ran a feeder fund that invested with Madoff. • Fred Wilpon and Saul Katz– Brothers-in-Law and owners of the New York Mets baseball team – who just settled this week with the Madoff trustee to “pay back” $162 million they had received from Madoff investments in an effort to avoid court.[2] • Robert Schulman of Tremont Group Holdings which is owned by MassMutual had, according to The Wall Street Journal, invested about $3.3 with Madoff. Schulman is quoted as saying that “he and his family and friends had been “duped by a scheme that effectively fooled some of the most significant and smartest organizations in the world.”[3] • Jeffry Picower – a CPA and lawyer. His estate settled with the Madoff Trustee for $7.2 Billion. Picower seems to be the biggest beneficiary of the scheme. • R. Thierry Magon de la Villehuchet- owner of Access International Advisers, who

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