Madoff Scandal Essay

Decent Essays
According to regulatory filings, in 2008, the Madoff firm had more than $17 billion in assets under management. He founded his frim in 1960. Also, the FBI and civil action brought by the Securities and Exchange Commission(SEC), Madoff estimate the loss his fraud exceeded $50 billion. The banks reported the losses. Moreover, wealthy investors and hedge funds climbed over the weekend for about $20 billion. Also, banks all over the world in the US, Britain, Spain, Italy, France, Japan and Switzerland reported for about billions of dollars. Madoff scandal has had its impact on the social layers testifies to the depth of the underlying crisis that produced it.
According to Ira Sorkin, Bernard’s lawyer who represented him when he gave his speech and pleaded guilty, that even though Bernard Madoff is 77 years old and his issue with his heart, he is still doing well, and he is expected to serve a 150 year in prison in North Carolina. What is hard on Madoff that his wife stopped visiting him in prison. All the inmates in prison have been treated Madoff with respect. Madoff’s wife after Madoff went to prison; she lives in a rented 989 square foot, one bedroom apartment in Connecticut. She had a Toyota Prius. Moreover, the government allowed her to keep $2.5 million but comparing to her husband billion if dollars it is nothing.
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Moreover, they have a legal connection to the banking giant. Mr. Rivkin and Oren J. Warchalk who were representing the JPMorgan trader nicknamed the London Whale, Mr. Bruno Iksil, who was cooperating with the government in the investigation into the bank’s record. In federal court in Manhattan, the jury selection for the first criminal trial. Mr. Madoff’s employees including his longtime personal secretary and two computer programmers were fighting charges that they helped Madoff to carry out his fraud. Their trial was expected to take for about five months at
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