Bernard L. Madoff 's Life

His mother was a housewife and his father was a plumber. Like most families during this time era, they were struggling after the Great Depression. The Madoffs became so fraught over money issues that they began to get into finances. Later, in the 60s his mother, Sylvia Madoff, registered a broker dealer when she opened an office referred to as Gibraltar Securities. Shortly afterwards, the United States Securities and Exchange Commission (SEC) forced closure due to unreported financial conditions. During this time, Bernie Madoff showed little to no interest in finances. As a typical student in high school, Bernie focused on his classes, relationships, and most importantly, the swim team. As a young man, he got a job as a lifeguard on Long Island (Bernard Madoff Biography, 2018). Through this job he was able to save money, which was later used to construct his first

Introduction: Bernie Madoff was a well-respected financier, his company Bernard L. Madoff Investment Securities, LLC was very well known and even helped launch the Nasdaq stock market. Madoffs company was well trusted and he even had celebrity cliental such a Steven Spielberg, Kevin bacon, and Kyra Sedgwick. Madoff came from a low income family however, he was able to start his company from getting a $50,000 loan from his in-laws and he using money that he had saved from side jobs such as lifeguarding and installing sprinkler systems to found his company. The successfulness of Madoff’s company came from the company’s ability to adapt to change and us modern day computer technology. As his business grew he stated employing family members to help “His younger brother, Peter, joined him in the business in 1970 and became the firm 's chief compliance officer. Later, Madoff 's sons, Andrew and Mark, also worked for the company as traders. Peter 's daughter, Shana, became a rules-compliance lawyer for the trading division of her uncle 's firm, and his son, Roger, joined the firm before his death in 2006”(Bernard Madoff Biography 2016) Unfortunately on December 11th 2008 Bernie Madoff became well known for a whole new reason. He had been accused of performing an elaborate Ponzi scheme and he had been reported to the federal authorities by his own sons. A year later he admitted to the investigators that he had lost $50 billion dollars of his investors’ money and pled guilty to 11

Bernie Madoff began his career as an investment broker in 1960, where he legally bought and sold over-the-counter stocks not listed on the New York Stock Exchange (NYSE). From the 1960’s through the 1990’s, Madoff’s success and business grew substantially, mainly from a closed circle of known investors and friends through word of mouth. In the 1990’s Bernard L. Madoff Investment Securities traded up to 10 percent of the NASDAQ on any given day. With the success of the securities business, Madoff started an illegal money-management business, promising his investors consistent returns from 10-12 percent, unheard of returns at the time, which should have tipped off most investors that something was amiss.

Synopsis A childhood friend summed up the driving force in Bernie Madoff’s life: “Bernie wanted to be rich.” As a youngster growing up in New York City, Bernie realized that Wall Street was the greatest wealth creation machine the world had ever known. So, after graduating from college in 1960, he set his sights on joining the exclusive fraternity that ran Wall Street by organizing his own one-man brokerage firm, Madoff Securities. Madoff was one of the first individuals to recognize that computer technology provided the means to “democratize” Wall Street by establishing a system that made securities trading much more efficient and much cheaper. In the early 1970s, Madoff and several other individuals

He used his investors money to pay for many personal and family expenses. He also withdrew money from these accounts to run his scam. By shuffling the money between his New York business to his London business and then back to his New York business, it made it look as if the New York business was actually operating as a investment advisory business. Mr. Madoff concealed this from his investors.

Fraud in the financial community is consistently hidden in "style." Since its beginnings in the "great depression," to now, "the great recession" fraud has undoubtedly taking many forms and styles. Subsequently, many non suspecting patrons have been severely damaged as result of this greed and corruption. Many of America's largest and most established individuals are not exempt from this form of style manipulation. As we will soon see, many individuals, including Bernie Madoff, have both the ability and incentive to commit fraud. In today's fast paced information age, fraudulent activities are now becoming more difficult to detect, and even more difficult to prove. To begin, I believe it necessary to show how fraud has affected our current economic state. I will then venture as to the means in which Bernie Madoff committed fraud and the implications on current business prospects.

Bernard Lawrence Madoff was born April 29, 1938 in New York City to the parents of Ralph and Sylvia Madoff. His father was a child of a Polish immigrant, and worked as a plumber for years. Madoff mother was a daughter of a Romanian and Austrian immigrant, she was a housewife. Madoff parents married in 1932 when the great depression was at its height. After struggling financially for years, they got involved in finance in the 1950s.

On Dec. 11, 2008, Bernard Lawrence Madoff confessed that his vaunted investment business was all "one big lie," a Ponzi scheme colossal in volume and scope that cost investors $65 billion. Overnight, Madoff became the new poster child for Wall Street gall, greed and

This book talks about how Bernie Madoff was a liar and a cheat to American society where people got used betrayed and lied to because of him in belief they were going to becoming wealthy. Madoff was the world’s biggest thief that stole millions from people and destroyed numerous lives. He made people believe they were going to ‘get rich quick’ and that was his incentive on getting people to participate in his schemes. The book reports how this crook used his legal business as a broker-dealer and his standing as an innovative creator of Nasdaq to attract investors and avoid harsh scrutiny from the Securities and Exchange Commission. It described how he parlayed the reputations of a few valued and respected investors and associates into large followings in high-class communities like the Upper East Side of Manhattan and Palm Beach, and how he used feeder funds, which drove clients’ money to him, to extend his global reach.

While there are several known small scale Ponzi schemes that were piloted by one individual, there is no feasible way that the Madoff situation could have been accomplished by only Bernie Madoff. Whereas most individuals would believe that the first people that Madoff would turn to would be his family, this does not appear to be the circumstance. Bernie Madoff’s direct relatives were the people who were worse hit by the repercussions with many

Bernie Madoff was successful for so long because he kept a high level of secrecy in his firm. If a question or a concern was brought up, he instead focused on his many years of success. In an interview with Frontline, Michael Bienes, a CPA who fed Madoff clients during his early years, explained why so many people never questioned Bernie Madoff. When asked a question, Madoff would answer in a way to confuse even an expert. As was the sentiment of many who worked with

Madoff graduated from Hofstra in 1960 receiving his bachelor’s degree in political science. With the help from his father in law, a retired CPA, Madoff and his wife started their investments firm, Bernard L. Madoff Investment Securities, LLC. He took $5000 from his personal savings and borrowed an additional $50,000 from his in laws who attracted investors such as Steven Spielberg and Kevin Bacon. His business flourished during the 1980’s with annual returns of 10 percent or more and handling a percentage of trading volume on the New York Stock Exchange. It grew into one of the largest brokerage firms on Wall Street. During this period Madoff’s growing business had gone through some illegal trading’s on the side. More growth and illegalities had his bank accounts flowing with

Madoff was able to align himself with wealthy individuals, leaders involved in foundations, business entities, and government. This gave him unlimited access to different groups of investors. Among Madoff’s Ponzi scheme victims, it is easy to find wealthy individuals, charitable organizations, and its stakeholders, such as employees, communities, vendors, and even the government.

Bernard Madoff was born on April 29, 1938, in Queens, New York. He used $5,000 earned from a lifeguarding job to found his investment company. Madoff's firm offered reliable returns and his client list included celebrities like Steven Spielberg. Madoff's son reported him for securities fraud

But the halo effect wasn’t Bernie Madoff’s only hook for reeling wealthy people in, he also utilized his Jewish heritage to take advantage of investor biases according to personal preferences of his particular ethnic background. Those affected in Minneapolis are also cited saying that his aura did play a monumental factor in their consideration to invest with him.