Essay on The Scandal Of Bernard Madoff

1263 Words Jun 2nd, 2016 null Page
I chose the scandals of Bernard Madoff. Bernie Madoff has committed one of the largest financial fraud, Ponzi scheme, in history and 'made a loss of nearly $65 billion. Bernard Madoff is an American fraudster and a former stockbroker, investment advisor, and financier. Bernie Madoff was a well-known and a well-liked man on Wall Street. Madoff had a perfect reputation, not only in the investment market, but socially. He ran an elaborate Ponzi scheme at his investment company, Bernard Madoff Investment Securities. Madoff was born on April 29, 1938, in Queens, New York, to parents Ralph and Sylvia Madoff. Ralph, the child of Polish immigrants, worked for many years as a plumber. His wife, Sylvia, was a housewife and the daughter of Romanian and Austrian immigrants. Ralph and Sylvia married in 1932, during the Great Depression. After struggling financially for many years, Bernie’s parents became involved in finance.
Madoff was a stockbroker who ran his multibillion-dollar firm as a grand-scale Ponzi scheme. After graduating from high school in 1956, Madoff headed to the University of Alabama, where he stayed for one year before transferring to Hofstra University in Long Island. In 1960, he used $5,000 earned from lifeguarding and installing sprinkler systems to found his investment company. Madoff 's firm offered reliable returns.
Madoff 's financial dealings showed that they were less than successful with the trade. Bernie’s mother registered as a broker-dealer in the…

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