I’m doing my Case presentation on the Madoff Scandal because I find it very interesting and have heard about it before and wanted to know more details about the story. Like who were the major players and how much money did he really steal from people?
Bernard Lawrence Madoff was born April 29, 1938 in New York City. His Parents became involved in financing jobs when he was at a young age and were both suspected of starting a business as a front for his father, Ralph Madoffs’, backhanded dealings. This didn’t affect young Bernard that much because he wasn’t interested in finance at the time, he was like most teenagers and focused more on his girlfriend Ruth Alpern and the swim team he was a part of. His coach then hired him as a lifeguard which is when Bernie started saving up the money he earned for investments later in life.
Bernard Graduated high school in 1956 and after he went to University of Alabama for a year then transferred to Hofstra University. In 1959, him and his high school sweetheart Ruth, who was going to college to focus on financing, got married. In 1960, Bernie got his bachelor’s degree from Hofstra in political science. His wife Ruth graduated from college and got a job working on the stock market in Manhattan when Bernie started studying law at Brooklyn Law School, later on in the year he dropped out and started his very own investment firm.
He started this firm with a $5,000 investment he earned from his job as a lifeguard and some money he earned on the side installing sprinkler systems. (Bernard Lawrence Madoff) Him and Ruth began Bernard L. Madoff Investment Securities, LLC.
Madoff had a father-in-law who was a retired C.P.A that helped him out with his business. His business started taking o...
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... billion has been given back to the Mad off victims so far. (Five things)
So far there are 16,519 filed complaints to Picard, of that 1,107 have been fully reimbursed and 1,410 are have been partially reimbursed and are eligible for compensation. (Five things)
This case was very interesting and I am really glad I chose it for my paper. Its amazing to me how one man with the right connections and social standing can get away with so much for so long. Nobody ever suspected him because he was the father of the NASDAQ, he couldn’t scam people for billions of dollars. And not just any random people, Mad off targeted his own people, the Jews and groups affiliated with him. He was very picky and pretended like he didn’t want to let anyone in on what he was doing which in turn made more people want to get involved and give him even more money, that’s just human nature.
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