Bernie Madoff ( THE PONZI SCHEME)
founder of the stock brokerage firm Bernie L. Madoff Investment Securities
Market-Making Operations and the Ponzi Scheme
Scandal
Madoff took the money from new investors and deposited it to one bank account and will give this money to give back to old investors for returns
Lasted for 2 decades
Individuals affected
Investors
Steven Spielberg, Jeffery Katzemberg, Larry King, Kevin Bacon, Kyra Sedgwick
2008
Market crashed investors wanted yo cash out their money return
Did not have enough money to pay to the people
Confessed to his sons about the scheme then later on turned him into the police
2009
Pleaded guilty to all charges sentenced to 150 years in prison
Needed to pay 170billion dollars
Defrauded approximately 65billion dollars
founder of the stock brokerage firm Bernie L. Madoff Investment Securities
Market-Making Operations and the Ponzi Scheme
Scandal
Madoff took the money from new investors and deposited it to one bank account and will give this money to give back to old investors for returns
Lasted for 2 decades
Individuals affected
Investors
Steven Spielberg, Jeffery Katzemberg, Larry King, Kevin Bacon, Kyra Sedgwick
2008
Market crashed investors wanted yo cash out their money return
Did not have enough money to pay to the people
Confessed to his sons about the scheme then later on turned him into the police
2009
Pleaded guilty to all charges sentenced to 150 years in prison
Needed to pay 170billion dollars
Defrauded approximately 65billion dollars
