In February , the story of Madoff's rise and fall was brought to the small screen for Madoff , a two-part miniseries with veteran star Richard Dreyfuss portraying the disgraced investor and Blythe Danner playing his longtime wife, Ruth.
He was We strive for accuracy and fairness. If you see something that doesn't look right, contact us! Subscribe to the Biography newsletter to receive stories about the people who shaped our world and the stories that shaped their lives.
Jeffrey Skilling was the CEO of the energy company Enron who was found guilty of multiple counts of fraud and insider trading. Morgan became one of the wealthiest and most powerful businessmen in the world through his founding of private banks and industrial consolidation in the late s. Vermont Senator and former presidential candidate Bernie Sanders is America's longest-serving independent politician in Congress. Cornelius Vanderbilt was a famous industrialist who worked in railroads and shipping.
He had accumulated the largest fortune in the U. Michael Bloomberg is a billionaire businessman and a former three-term mayor of New York City. Charles Ponzi was best known for the financial crimes he committed when he conned investors into giving him millions of dollars, and paid them returns with other investors' money. Federal regulators also looked at him as a trusted advisor. Pretending to be trading securities, Madoff was running a proper Ponzi scheme: promising steady, double-digit returns to his customers, while actually using cash from new investors to pay back money to older ones.
Madoff and his wife lived a luxurious life, owning private jets, a yacht, and homes in Manhattan, Long Island, Florida and in the south of France.
It was only after the crash of that the Ponzi scheme finally unravelled. His investors, who had so far reposed their trust in Madoff, began to pull out their money just as new sources of income dried up. They then informed authorities of the scam, and Madoff was arrested at his Manhattan penthouse in December The scandal is considered among the most humiliating failures of the Securities and Exchange Commission SEC , the US stock regulator, as it was unable to detect wrongdoing despite investigating Madoff more than six times since at least , as per The New York Times.
An old IBM computer cranked out monthly statements showing steady double-digit returns, even during market downturns. The ugly truth: No securities were ever bought or sold. Among them was Nobel Peace Prize winner and Holocaust survivor Elie Wiesel, who recalled meeting Madoff years earlier at a dinner where they talked about history, education and Jewish philosophy — not money.
Like many of his clients, Madoff and his wife enjoyed a lavish lifestyle. There was yet another home in the south of France, private jets and a yacht. It all came crashing down in the winter of with a dramatic confession. After the meeting, a lawyer for the family contacted regulators, who alerted the federal prosecutors and the FBI. Madoff was in a bathrobe when two FBI agents arrived at his door unannounced on a December morning.
Madoff insisted he acted alone — something the FBI never believed. A trustee was appointed to recover funds — sometimes by suing hedge funds and other large investors who came out ahead. More than 15, claims against Madoff were filed.
Judge Denny Chin denied Mr Madoff's request, noting many victims were still suffering due to their financial losses.
Madoff was never truly remorseful, and that he was only sorry that his life as he knew it was collapsing around him," he wrote. At least two investors with Mr Madoff took their own lives after their losses. His son Mark also killed himself on the second anniversary of his father's arrest. His other son, Andrew, died of cancer in Mr Madoff is survived by his wife, Ruth Madoff, who maintained she was unaware of the scheme and was never charged.
Fraudster Madoff gets years. Money launderers 'prey on generation Covid'.
0コメント