How On The Madoff Scandal

2067 Words Nov 6th, 2014 9 Pages
How to Steal Billions – Details on the Madoff Scandal

The Bernard Madoff scandal is a well-known instance of fraud. In fact, it is the largest stock fraud case, the largest ponzi scheme, and the largest international fraud case in history. Mr. Madoff’s scheme totaled just under 65 billion dollars over 35 years. He stole from his friends, community members, celebrities, and even royalty. Elmore Leonard, a popular novelist and screenwriter, said “Psychopaths [are] people who know the differences between right and wrong, but don 't give a shit.” I believe that Mr. Madoff is such a person. How he was able to remain undiscovered for such a long period of time is truly a marvel. Mr. Madoff’s story seems to come straight from the screens of Hollywood.

Barnard Madoff started off with his own market making firm in the 1960s. It is believed that his illegal actions started about ten years later, although it is uncertain because there are no documents to lock in a date. Mr. Madoff was starting to become a well-known financier and market maker on Wall Street. Soon, his friends and community members started to ask Mr. Madoff for financial advice. This began his affinity fraud. Affinity Fraud is when someone intentionally deceives members of a particular class, religion, race, or etc.. He began an investment advisory company completely under the radar. Some of his first clients were friends or neighbors that he knew from church or the local country club. Mr. Madoff was promising steady…

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