Bernie Madoff

2096 Words Sep 19th, 2011 9 Pages
THE RISE AND FALL OF
BERNIE MADOFF

Bernadette Smith
Business Law
Professor Kopf
8/22/2010
Bernard Lawrence "Bernie" Madoff , born April 29, 1938 is an incarcerated former American stock broker, investment adviser, non-executive chairman of the NASDAQ stock market, and the admitted operator of what has been described as the largest Ponzi scheme in history.
In March 2009, Madoff pleaded guilty to 11 federal crimes and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the 1980s, and that the investment operation may never
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Largest stake-holders
According to The Wall Street Journal the investors with the largest potential losses, including feeder funds, are: * Fairfield Greenwich Group, $7.50 billion * Tremont Capital Management, $3.30 billion * Banco Santander, $2.87 billion * Bank Medici, $2.10 billion * Ascot Partners, $1.80 billion * Access International Advisors, $1.40 billion * Fortis, $1.35 billion * HSBC, $1 billion
The potential losses of these eight investors total $21.32 billion.
Eleven investors had potential losses between $100 million and $1 billion: * Natixis SA * Carl J. Shapiro (a 95-year-old Boston philanthropist) * Royal Bank of Scotland Group PLC * BNP Paribas * BBVA * Man Group PLC * Reichmuth & Co. * Nomura Holdings * Maxam Capital Management * EIM SA * Union Bancaire Privée
Twenty-three investors with potential losses of $500,000 to $100 million were also listed, with a total potential loss of $540 million. The grand total potential loss in the Wall Street Journal table is $26.9

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