Bernard L. White Collar Crime: White-Collar Crime

In the 1960’s, Bernard L. Madoff Investment Securities opened its doors in New York. Thirty years later, the investment firm closes its doors after losing $50 billion dollars of approximately 2,200 investors money. With $50 billion dollars on the line, it’s hard not to ask: Who is Bernard Madoff? How did he steal $50 billion dollars? What happened to his victims?

Before we can delve into what can be considered the biggest con in American history, we need to fully understand what white collar crime is and how it impacts society? With the various categories of crimes, it is important to define each and everyone of them; therefore, law enforcement can address the behavior rather than then the personal attributes of the criminal. According to Herbert Edelhertz, from the National Institute of Law Enforcement and Criminal Justice, white collar crime can be defined as: “An illegal act or series of illegal acts committed by nonphysical means and by concealment or guile to, to obtain money or property, to avoid the payment or loss of money or property, to avoid the payment or loss of money or property, or to obtain business or personal

On December 11, 2008, Madoff had told his son that employees were going to get extra bonuses. Curious about where all this money is coming from, Madoff’s son asks questions about the origination of funding for these sudden bonuses. Madoff then tells the truth and speaks of the designated branch that is a Ponzi scheme. Shocked from the news, Madoff’s son reports him to the federal authorities. Defense attorney played out a technique called “argumentum ad misericordium,” where they portray Madoff as a victim due to the death threats and Anti-Semitic emails he ahs been receiving. Ultimately, it was unsuccessful because on June 29, 2009, at 71 years old Bernard Madoff was sentenced 150 years in prison after pleading guilty to 11 felony