The Bernie Madoff scandal is considered the largest accounting fraud in American history. It is estimated to have lasted nearly two decades, and stolen approximately $64.8 billion. The scandal consisted of Madoff taking money from investors who believed there money was being invested into blue-chip stocks; and later repaying the original investors with money supplied by new investors rather than profit from the original investment. The surplus money was then pocketed by Madoff, which he used to purchase excessive luxuries such as numerous multimillion-dollar homes, luxury car...
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...xact numbers as Madoff refuses to talk about the scheme. Madoff’s defense lawyer, Ira Sorkin, recommends that Madoff’s sentence be reduced to 12 years as a result of his cooperation and confession; but Judge Chin said he has not received any mitigating letters from friends or family testifying to Madoff's good deeds.
"Investor Furor over $50B Scam." New York Post. (2008): n. page.
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Lattman, Peter, and Ben Protess. "In Guilty Plea, Peter Madoff Says He Didn’t Know
About the Fraud." 29 06 2012: n. page. Web. 16 Mar. 2014.
Wasik, John. "Inside the Mind of Madoff: When Did Scam Really Begin?" (2012): 1.
Weiner, Eric J. "What Goes Up: The Uncensored History of Modern Wall Street as Told
by the Bankers, Brokers, CEOs, and Scoundrels who Made it Happen." (2005): 188-192. Web.
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