Bernard L. Madoff Investment Securities, LLC, is a Wall Street investment firm that was founded by Bernie Madoff. Within this company one of the biggest ponzi schemes that ever took place in happened in 2008. Madoff was well known as a stockbroker, an investment adviser, and a financial guru. He is now well known as a white collar criminal.
Madoff and his accountants, David Friehling and Frank DiPascali, tricked their investors out of 64.8 billion dollars. With figures like this, this scandal is said to be the biggest case of investment fraud in history. They did this by paying their investors out of their own money, or money that other investors had paid; not money from profits. Madoff eventually told his sons what he and the company had been doing. Madoff was quoted as telling them, “It was all one big lie.” His own sons reported him to the SEC and he was arrested the next day. Upon arrest he was charged with a single count of security fraud. After looking further into the issue Madoff had committed even more crimes than anticipated. By 2009, Madoff earned himself 150 years in prison.
Overall, I do not think that Bernie Madoff’s scandal is forgivable. He essentially stole 65 billion dollars from his clients. He went against every ethical code that I or anyone else would look for in an investor. Even if Madoff was forgiven, it would be impossible for him to find new clients after this went down. There are some things you just can’t bounce back from. After uncovering that his wrong doings most likely went back to the 1970’s, I think that Madoff was rightly put in jail. I don’t understand the 150 year thing since that is past life expectancy, but I think he is rightfully serving his time.
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