Madoff the Mastermind

3197 WordsJul 2, 201213 Pages
Madoff the Mastermind Kory VanSpeybroeck AC 572 April 14, 2012 Bradley Trimble Madoff the Mastermind Bernard Madoff was a widely known investment broker who, for a long time, was able to swindle investors out of their money. He did this by implementing one of the largest Ponzi schemes in history. Discovering the exact details about who was involved, how heavily they were involved, and the extent of the losses incurred may yet take many years. The goal of this research is to attempt to explain how the fraud was executed by explaining various details involved in this Ponzi scheme. These details include how the fraud was executed, parties that were involved positively and negatively, motives of each party, controls that may have…show more content…
Many high profile individuals were swindled such as Kevin Bacon and Steven Spielberg. However, it is important to determine the key players in this scheme as it will show the extent of Madoff’s planning, execution, and the overall extent of his fraud. Madoff himself is, of course, the primary player in this scheme. There were also members of his family that either directly helped him perpetrate this fraud, were involved directly themselves, knew about his scheme, or suspected his shady dealings. Besides his family, other business and investors were key players involved in his scam and helped by providing feeder funds to his firm. Determining involvement will be done in three stages. First, second, and third party involvement will be determined by the primary individual, then any key secondary parties involved, and last will be the separate or third parties involved. Numerous people and business were involved with Madoff and his fraud. Beginning with Bernard himself, it is important to discuss the involvement of the individual or business, the degree of their involvement, the impact of their involvement, and their motives. Madoff was an individual with a drive to succeed. According to CNN Money (2009) many individuals that had had dealings or relationships with Bernard described him as persistent, determined, and gutsy. CNN Money (2009) reported “one of his high school classmates Heiberger stated, “he was a

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