Bernard L. Madoff Case

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In the 1960s a man names Bernard L. Madoff founded a small firm called Bernard L. Madoff Securities LLC. In 1980 Madoff launched his firm with the $5000 that he had saved from his previous summer jobs. His firm was ranked with some of the most powerful firms on Wall Street. Madoff started off as a single stock trader before he turned it into a family business. Madoff had also created “an investment- advisory business that managed money for high- net- worth individuals, hedge funds, and other institutions (Weiss, J.). For over 10 years Madoff decided to run a scam on everyone that invested in his company. Since Madoff started his company in the 1900s it was always illegal and unethical. Madoff would take money from the new investors and return it to old investors because he was not running his business properly. Only certain people were allowed on the 17th floor where all of the investment went on. Madoff ended getting caught for investment fraud worth $65 billion. No one ever questioned Madoff because of his name. People thought he was the best thing out there and never thought to question his actions, not even his employees. Madoff would take money that some of the largest firms would invest in his business and take for himself. So many people believed he was a trustworthy person that they did not follow some of the main procedures that needed to be done in while operating their own businesses. Madoff was able to start and sustain such an enormous Ponzi scheme all
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