The Controversial Case Of Bernard Madoff

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The most controversial case of fraud in history left more questions than answers. Bernard Madoff, with his company "Investment Securities LLC", chose the easy way to give him greater gains scamming people. Using the prestige he had and giant Ponzi scheme. That was how he was creating his fraud. Madoff did not steal the money immediately but was paid the promised returns with money paid by the entry of new customers paying its customers their profits and not realize and would not take legal action, this intelligent man or charlatan achievement out this scam film for over 20 years. Madoff achieving the greatest fraud in history with losses of more than 50,000 million alone was compared with the Enron case. In June 29, 2009, he was sentenced to 150 years in prison. Who was Bernard Madoff? Bernard Lawrence Madoff was born on April 29, 1938 in Queens, New York. His parents were Polish immigrants Ralph and Sylvia Madoff. His parents had a business that "Gibraltar Values” which was an investment and loans, which was closed for not reporting their financial situation was called. Bernard working as a lifeguard and used $ 5,000 obtained from his work to found his investment firm "Bernard L. Madoff Investment Securities, LLC." The Madoff firm offering honest profits and client list included celebrities like Steven Spielberg. After graduating from high school in 1956, he studied at Hofstra University. In 1959, he married Ruth Alpern and 1960 and earned his BA in Political Science from Hofstra. Ruth, his wife got a job in the stock market. With the help of Madoff’s father, a retired accountant, the company attracted investors and scored an amazing client list. "Madoff Investment Securities” grew famous for its reliable annual returns of ten p... ... middle of paper ... ...question is what is the government doing to prevent further fraud? Perhaps the law "Dodd Frank” went into effect profoundly changing financial reform and consumer protection in financial services. Besides, applying strong supervision and regulation of financial firms and financial reform required for the first time, that hedge fund adviser (and other asset funds) to register with the SEC and subject to the obligation to provide information about its operations and portfolios as it are necessary to assess the risk. The new law also creates the "Office of Financial Research" in the Treasury whose staff will be composed of experts with highly sophisticated knowledge that will support the Council's work by collecting financial data and conducting economic analysis. The question remains will this financial reform will to prosecute white collar criminals or prevent fraud.

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