Case Study Of Bernie Madoff

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

They had investigated him five different times and come up with nothing, how? I believe that Bernie had an in with the SEC, after all, His daughter had married an SEC employee and his own niece worked there. So there is a fairly good chance that he paid off some people on the inside or maybe they didn’t care to pay close attention because of his family connections. His Scheme had gone on for so long and the amount of money got so large that soon it was going to have to end. In the case of Bernie Madoff, his scheme started to fall apart after clients requested their returns back equaling about $7 billion dollars. The problem was Bernie only had about $300 million to give back. Bernie himself ran off with about $20 billion. (5 Years Ago)
Bernie’s’ two sons he had working for him, Mark and Andrew finally blew the whistle to the feds on Bernie’s operation in December 2008, after he admitted that his business was a fraud. The FBI then arrested him the following day. The oldest of the sons, Mark, had hung himself on Dec. 11, 2010, which was the second anniversary of his father’s arrest and the younger brother, Andrew had died of cancer. (Mark and

And of that $10 billion only $4.9 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