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The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. [1] In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme.
Woody Allen's 2013 film Blue Jasmine portrays a fictional couple involved in a similar scandal. Allen said that the Madoff scandal was the inspiration for the film. [203] In God We Trust (2013), a documentary about Eleanor Squillari, Madoff's secretary for 25 years and her search for the truth about the fraud (The Halcyon Company). [204]
Investors in Bernard L. Madoff Investment Securities LLC lost billions of dollars in the Madoff investment scandal, a Ponzi scheme fraud conducted by Bernard Madoff.The amount missing from client accounts, over two thirds of which were fabricated gains, was almost $65 billion. [1]
This means victims will have recovered approximately 93.7 percent of their fraud losses. Madoff, pictured in 2009, pled guilty to 11 federal felonies and was sentenced to 150 years in prison ...
The fund disbursing money to the victims of Bernie Madoff’s legendary Ponzi scheme began its 10th and final distribution on Monday, putting another $131 million in the pockets of swindled investors.
Madoff's fraud was estimated as high as $64.8 billion. It went undiscovered for many years until Madoff confessed to his sons in December 2008, one day after his firm's Christmas party.
Ruth Madoff's combined assets with her husband had a net worth of between $823 million and $826 million.She had $92.6 million in assets listed in her own name: [9] the $7 million penthouse on Manhattan's Upper East Side; an $11 million mansion in Palm Beach, Florida; a three-bedroom apartment in Cap d'Antibes on the French Riviera valued at $1.5 million; $45 million in municipal bonds and $17 ...
In the course of Behar’s decade-and-a-half digging into Madoff’s crimes, he said he uncovered information that revealed that the fraud extended back toward the beginning of Madoff’s career ...