Bernard Madoff Financial Scandal Controversy

1755 Words Nov 5th, 2015 8 Pages
Bernard Madoff Financial Scandal

I would first like to begin this paper by saying why I decide to chose this topic out of the 3 choices. I believe that all of the choices were credible and a viable topic in their own regards, but the reason this one hit home for me was because of the simplicity of the scandal. It’s hard to believe that someone could have made off with the amount of money Bernard did when the idea of a Ponzi scheme was notable as early as the 19th century, and was named after Charles Ponzi in 1920 after his scandal created enough issues to make it more aware to the public of what was happening. The fact that this happened almost 100 years later at the level that it did and where it happened made me extremely concerned and interested in the topic. In this paper I will cover the details happening up to the scandal, the scandal itself, the people involved in the scandal, the legislation and regulations implemented after the scandal, and my views on the outcome of the scandal.

Bernard Madoff was born April 29th, 1928 in Queens, New York. He grew up as a son of two Jewish parents, one of which was a stockbroker. He graduated from Hofstra University in 1960 with a degree in Political Science and then moved on to attend Brooklyn Law School where he dropped out to start and pursue his own company, Bernard L. Madoff Investment Securities LLC.

The firm was started with an initial fund of $5,000, which was earned by Bernard working as a lifeguard and sprinkler…

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