In this paper I will be talking about Bernard “Bernie” Madoff and his Ponzi scheme which is known as the worst example of investor fraud in history involving his investment business which ended up all being a huge scam. This scheme is known as the worst in history because of how much money Madoff cost the people who used his investment system. The entire scandal was heard around the world because of just how extreme it was to comprehend.
Bernard Madoff “Bernard “Bernie’ Madoff was born on April 29, 1938, in Queens, New York. His mother registered as a broker-dealer in the 1960s, listing their home address in Queens as the office for a company called Gibraltar Securities. The SEC forced the closure of the business for failing to report its financial condition” (Biography.com 2017). Bernie was not very interested in finance growing up as he was a very good swimmer and maintained focus on swim meets and his girlfriend at the time. Madoff continued swimming throughout school until he finished high school in
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Madoff Investment Securities, LLC. Madoff’s investment firm began through word of mouth and assistance from his in laws and started out somewhat slow before taking off with big mouth clients starting to join in the firm because of his parent’s success in the industry. His company began to take over the New York Stock Exchange because of his percentages offered to customers were unmatched by all his competitors at the time. People were coming from all places to invest with Madoff and his firm to the point where just about everyone knew who he was, and his firm began to take off. “Madoff began to use technology to get the upper edge on his competitors and became chairman for three terms of the National Association of Securities Dealers Automated Quotations” (Biography 2017). Bernie was booming and soon had the world in his hand. He started to hire more family members to the point where almost the entire company was run by members of the Madoff