Bernie Madoff is known for a scandal that rocked Wall Street and caused financial tremors around the world. Bernard Madoff’s alleged Ponzi scheme cost folks around the world billions. Bernie Madoff stole approximately $65 billion from people. When this scandal first broke through to the public people that Bernie had stolen money from would show up at his front door and demand their money back. Many people say that Bernie pulled off this Ponzi Scheme very brilliantly. If he was questioned about he would just state that the fund had closed. And people would really have to please him in order to get into that club of what he was doing. He was very sought after and respected. But Bernie kept in the Landmark Lipstick Building in Manhattan’s East 53rd Street, on the 17th floor, Madoff kept his hedge fund office. One of the doors of this room was unmarked as the other was simply marked by “Madoff Deliveries”. In this room, Madoff was safe until early December. According to complaints that were turned in, clients were trying to withdraw seven billion dollars of their money. Then Madoff told him that they didn’t have their money. You could tell at this time that he was getting very stressed about the situation, his sons …show more content…
On June 29, 2009, Madoff paid for his crimes with a sentencing of 150 years in prison, which is the maximum amount for everything that he was charged with. His wife also faced consequences. Ruth Madoff took $2.5 million in cash and forfeit her claim to their $85 million worth of assets in a settlement with federal prosecutors. She was later accused by Massachusetts regulators of withdrawing $15 million from a company account right before her husband confessed. Bernie’s sons also had a $199 million lawsuit filed against them. They were believed to have worked with him as well and had been involved. The son, Peter, was later sentenced to 10 years in