Bernie Madoff: The Paradox of Trust

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Examine ‘Bernie Madoff: The Paradox of Trust,’ exploring the complexities and contradictions behind Madoff’s massive fraud and the trust that enabled it.

Bernard Madoff (Bernie Madoff)
Entrepreneur

Bernard Lawrence Madoff was an American entrepreneur and investor who served a 150-year sentence for fraud.

Madoff headed Bernard L. Madoff Investment Securities which he founded in 1960.

This company was one of the largest market maker firms on the NASDAQ.

Part 1

Baffling Fraud

Part 2

Current page

Part 3

Bernie Madoff

Part 4

Lehman Brother

Part 5

Richest Man

Part 6

Fake Degrees

On Dec. 11, 2008, Bernard L. Madoff confessed that his investment business was all “one big lie,” a Ponzi scheme that cost investors $65 billion.

Bernie Madoff was a former American financier and investment advisor who was involved in one of the largest financial frauds in history, commonly known as the Madoff Ponzi scheme. Here are some key points about him:

  1. Bernie Madoff was born on April 29, 1938, in Queens, New York City, and grew up in a Jewish family.

  2. He founded the investment firm Bernard L. Madoff Investment Securities LLC in 1960, which became one of the largest market-maker businesses on Wall Street.

  3. In 2008, Madoff admitted to his sons that his investment firm was actually a massive Ponzi scheme that defrauded thousands of investors out of billions of dollars.

  4. The scheme involved using new investors’ money to pay off returns to earlier investors, while Madoff and his family took millions of dollars in profits.

  5. Madoff was arrested in December 2008 and pleaded guilty to 11 felony charges in March 2009. He was sentenced to 150 years in prison, one of the harshest punishments ever handed down for financial crimes.

  6. The scandal led to widespread outrage and criticism of Wall Street and financial regulators for failing to detect and prevent the fraud.

  7. Madoff’s victims included individual investors, charities, and institutions, such as universities and hedge funds. The estimated loss from the Ponzi scheme was around $65 billion.

  8. Madoff died in prison on April 14, 2021, at the age of 82.

2 The Superpower of the Conman | Alexis Conran | TEDxBerlin

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25 jul. 2019

Visit our website www.tedxhamburg.de for more information on Alexis Conran. Alexis Conran, TV Presenter and Actor (LAMDA trained) is best known known as the man who identifies, uncovers and helps us to protect our businesses and ourselves against scams. As writer and presenter of the highly acclaimed BBC TV show, The Real Hustle he is in the rare position of being able to advise and educate even the most-foolhardy on issues surrounding security and risk (in the real and virtual world), and identify the human behaviour, communication skills and confidence tricks that the world’s top scammers rely on to achieve their unscrupulous aims. 
 
As a charismatic and engaging keynote and after-dinner speaker, Alexis employs his knowledge of the dark and deceptive world of hustling, pickpockets and con-artists to speak candidly on the risks and security threats constantly faced by businesses, and to deliver important messages on the shrewdest ways to protect against the ever-increasing number of scams. His recent clients include IBM, the RSA Security Conference, Experian, RBS, Halifax, Aviva, Facebook, Porsche, VISA, The Metropolitan Police and the City of London Police Fraud in Action Unit. 
 
Alexis currently hosts his own weekly show, The Radio Hustle on Talk Radio and co-stars in the new Dave show THE JOY OF TECHS, alongside his best friend, comedian, actor and satirist, Marcus Brigstocke. He also contributes to ITV’s This Morning and BBC Radio 4 and 5Live, and was crowned champion of Celebrity MasterChef 2016. 
 
Website: www.alexisconran.com This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx
 
Alex Goslar
Thank you Alexis for holding up a mirror that reflects our ignorance. A good lesson.
Bebop Laplace
I’ve always liked Alex and Paul and Jess from the real hustle and always loved how they showed the gears of the cons and scams. Huge fan and hope we can see more from all 3 of them.
mogbaba
The best TED Talk ever, for me. He is a real CON man, look at his name!

1 Lessons from history’s biggest Ponzi scheme | Diana Henriques | TEDxYale

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20 mrt. 2018

Henriques imparts lessons from her experiences interacting with Bernie Madoff and how con men can diverge from what we expect con men to be. Diana B. Henriques is a former senior writer at The New York Times, is the author of A First-Class Catastrophe: The Road to Black Monday, The Worst Day in Wall Street History and the New York Times bestseller The Wizard of Lies: Bernie Madoff and the Death of Trust. In 2005, she was a finalist for a Pulitzer Prize and won a George Polk Award and Harvard’s Goldsmith Prize for her 2004 series exposing financial rip-offs of young military consumers. In May 2017, HBO released its adaptation of The Wizard of Lies, with Robert De Niro in the title role and Ms. Henriques playing herself. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx
 
jingle jazz
I love Diane Henriques work. I have her book about Madoff, I listen to the ebook quite often, never get tired of it. She’s wonderful!
Mark Hamrick
Diana is an excellent and expert journalist. This is an informative and insightful presentation.
Varun Jain
Wow ! Really insightful…with a sensible advice at the conclusion.
Timing is Everything
What would anybody thumbs down about this video? What did they expect? Lol
ron whiteleo
This video needs to be viewed 1 million times..

3 Conman or Confidence-man? | Patrick Lyons | TEDxUTAustin

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23 mei 2019

Being a con man isn’t such a bad thing. That is, if we alter our definition of a con man slightly. Historically the term has been used in a negative context, but con men are really just social engineers. . What if instead of hacking into people to undermine companies, we hacked into employers at the very same companies for mutual benefit? Patrick discusses opportunities to socially engineer the way others view you and intentionally showcase the most ideal side of yourself in every scenario.
 
Thanking Driss Elmeloud (@iamdriss) for the opening gears animation reel. Born in Dallas, Patrick Lyons is a recent Mechanical Engineering Honors graduate who has accepted an offer to work full-time at Microsoft headquarters in Seattle. As a Longhorn, Patrick’s passion for fitness has allowed him to both transform people’s lives and simultaneously create a business to facilitate these intentions. Although he is mostly occupied with his clients’ fitness plans and needs, Patrick managed to create a successful YouTube channel where he generates prank-style videos to entertain his audience. Overall, it is highly evident that fitness is an inherent part of Patrick’s life. He has worked out over 1,100 times in the past 4 years and continues to pursue his own fitness journey with rigorous training for American Ninja Warrior. This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more at https://www.ted.com/tedx
 
Connor Murphy
He taught me everything I know
 
Patrick Lyons
Thank you so so much for creating the platform that allowed me to share and spread my idea! Giving a TED Talk has been a dream of mine since high school. Finally realizing that dream felt even more incredible than I ever could have imagined. I’d love to hear what y’all think of my idea!!
Darryl Edwards - The Fitness Explorer
Love this process of discussing “social engineering” and reverse prioritisation. Love that!

What happened to Bernie Madoff’s family Where Ruth Madoff and others are now

4 Bernie Madoff, infamous Ponzi schemer, dies

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14 apr. 2021

 
Bernard Madoff, whose name became synonymous with financial fraud, died while serving a 150-year sentence in Federal Prison. He was 82 years old. His death Wednesday at the Federal Medical Center in the prison in Butner, North Carolina, was confirmed by the US Bureau of Prisons. A cause of death was not released.
In February 2020, he petitioned the courts for an early release from prison, stating that he had terminal kidney failure and a life expectancy of less than 18 months. But the US Attorney’s office for the southern district of New York said Madoff’s crime was “unprecedented in scope and magnitude” and is “sufficient reason” to deny Madoff’s request.
Madoff was the mastermind behind a $20 billion Ponzi scheme — the largest financial fraud in history.
 
He had a legendary career on Wall Street, famously delivering astronomical returns for his investors, which included director Steven Spielberg, actors Kevin Bacon and Kyra Sedgwick and New York Mets owner Fred Wilpon.
 
Leonaza7
Cheating rich people is a crime, cheating poor people is a business.
 
greetings from Sunny Siberia
Once the game’s over, the king and the pawn go back into the same box.
Jonathan Nagel
That his name was Madoff, like “made off with your money” still cracks me up and question rrality
boldandcourageous 41
He ruined alot of lives including his own children’s. There are so many people that did not recover from all that he did.
 
Lita O
We should all learn from his life. Do good with what you’ve been fortunate enough to have. You can’t take the money with you, no matter how much you amass. Do good in the world and help as many as you can. THAT’S THE WHOLE PURPOSE OF LIFE. Too bad the vast majority of the people don’t realize that, or when they do, it’s too late. :/

5 ‘Wizard of Lies’ Author Details Madoff’s Fall Into Massive Financial Fraud

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13 mei 2011

Read the Transcript:
 
In the new book, “The Wizard of Lies,” New York Times’ Diana Henriques chronicles the massive Wall Street Ponzi scheme of the ’90s led by Bernie Madoff. Jeffrey Brown talks to Henriques about her reporting

6 Part 1: The Hunt for Madoff’s Money

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24 feb. 2009

Brian Ross with an inside look at the secret world of Bernie Madoff.

7 Part 2: The Hunt for Madoff?s Money

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24 feb. 2009

Brian Ross with an inside look at the secret world of Bernie Madoff.

8 The Madoff Affair (full documentary) | FRONTLINE


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16 apr. 2021

On Dec. 11, 2008, Bernard L. Madoff confessed that his investment business was all “one big lie,” a Ponzi scheme that cost investors $65 billion. In this 2009 documentary, FRONTLINE explored how Madoff became the new poster child for Wall Street gall, greed and corruption.
 
This journalism is made possible by viewers like you. Support your local PBS station here: http://www.pbs.org/donate
 
Through exclusive television interviews with those closest to Madoff’s operation, veteran FRONTLINE correspondent Martin Smith and producer Marcela Gaviria unearthed the details of the world’s first global Ponzi scheme — a deception that lasted longer, reached wider and cut deeper than any other business scandal in history — in The Madoff Affair.
 
Funding for FRONTLINE is provided through the support of PBS viewers and by the Corporation for Public Broadcasting. Major funding for FRONTLINE is provided by the Ford Foundation. Additional funding is provided by the Abrams Foundation; the John D. and Catherine T. MacArthur Foundation; Park Foundation; and the FRONTLINE Journalism Fund with major support from Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Foundation, and additional support from Koo and Patricia Yuen.
 
Professor Voluck
Madoff’s programmers were the real geniuses. They designed software that automatically allocated fictitious trades to individual accounts and created a phantom computer trading platform in case an investor, regulator, or auditor requested to see how the operation worked. They knew it was a fraud from the beginning and should be in prison.
They call me tundra boy
Frontline is honestly such a blessing to this world. Real talk.
ange Cynthia
” my wife and I came up with an answer!! God wanted us to have money, God wanted us to be rich!!” hahaha complete con artist😂😂😂
 
Juan Sarmiento
Not a single person on this video looks or sounds innocent.
Mary Fields
Madoff investors when they thought the money was rolling in: “The government needs to keep it’s nose out of our business.” Madoff investors when they found out they’d been scammed” “The government should have known this was going on and stopped it.”

9 Diana Henriques: What Bernie Madoff Can Teach Us About Business Ethics

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18 apr. 2012

UNE’s Paul D. Merrill Business Ethics Lecture hosted Diana B. Henriques, the author of the best-selling The Wizard of Lies: Bernie Madoff and the Death of Trust, and a contributing writer for The New York Times, where she has worked since 1989.
 
The University of New England is Maine’s largest private university. UNE offers more than 40 bachelor’s degrees in needed fields, from the health professions, to the health and life sciences, to business and the humanities. We also offer 30-plus graduate, professional and doctoral degrees in medicine, dentistry, pharmacy, social work and more. UNE learning happens online and on three beautiful campuses: on the shore in Biddeford, Maine, in-town in Portland, Maine, and at our study-abroad campus in Tangier, Morocco. Visit https://www.une.edu for complete information.

10 The Madoff Hustle – Part 1

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13 dec. 2010

Bernard Lawrence “Bernie” Madoff is an incarcerated American former stock broker, investment advisor, non-executive chairman of the NASDAQ stock market, and the admitted operator of what has been described as the largest Ponzi scheme in history.
 
In March 2009, Madoff pleaded guilty to 11 federal crimes and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the 1980s, and that the investment operation may never have been legitimate.The amount missing from client accounts, including fabricated gains, was almost $65 billion. The court-appointed trustee estimated actual losses to investors of $18 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.
 
Kingsley Kronk K
A Wise old friend once told me “If your money is lent to anyone else, kiss it goodbye, if it comes back, you are one of the lucky ones” If the deal sounds too good to be true, that’s because it is.
D B
Funny thing I got $150,000 insurance policy when my mom passed in 2006. Everybody was telling me to invest in stocks (even sent me info on Madoff) I decided to put it in a safe box and I still got it today 😂😂😂
SkinnyCow
$50 Billion scam and 1 guy goes to jail? Quite the coverup.

11 The Madoff Hustle – Part 2

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13 dec. 2010

Bernard Lawrence “Bernie” Madoff is an incarcerated American former stock broker, investment advisor, non-executive chairman of the NASDAQ stock market, and the admitted operator of what has been described as the largest Ponzi scheme in history. 
 
In March 2009, Madoff pleaded guilty to 11 federal crimes and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the 1980s, and that the investment operation may never have been legitimate.The amount missing from client accounts, including fabricated gains, was almost $65 billion. The court-appointed trustee estimated actual losses to investors of $18 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.
 
Jeana Reed
The investors felt so privileged to be in the madiff club!!! Congratulations!!
Boston Blackie
I feel sorry for the charities that invested with him.
Steve Lim
A modern story of an age-old but simple lesson about greed.
Twenty-fifth Baam
It is always funny how these individuals when caught just act likes it is a joke, but on the other corners of the world families are devastated.

12 The Madoff Hustle – Part 3

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13 dec. 2010

Bernard Lawrence “Bernie” Madoff is an incarcerated American former stock broker, investment advisor, non-executive chairman of the NASDAQ stock market, and the admitted operator of what has been described as the largest Ponzi scheme in history.
 
In March 2009, Madoff pleaded guilty to 11 federal crimes and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the 1980s, and that the investment operation may never have been legitimate.The amount missing from client accounts, including fabricated gains, was almost $65 billion. The court-appointed trustee estimated actual losses to investors of $18 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.
 
bless the old man at the beginning, he’s 90 and went back to work to overcome the challenge. “Instead of crying about it I put everything I have into it”. It’s sad to see that some people kill themselves after losing everything, when they should instead focus on rebuilding their life.
Haya Glamazon
+1 to your whole comment. God bless that man – he has brilliant valuea and I am amazed at his get up and go attitude to providing an income for himself at 90.
thegowerboy
No one man could have administered this without others being involved knowingly
wasilaify
That old man is really, really admirable.
Tina Hachey
I don’t know how people live with themselves frauding people so cruel
GetMeThere1
It’s a very good lesson that people who did only straightforward and standard due diligence were able to avoid him.
kg
There should have been a lawsuit against the SEC to repair the major damage it caused the victims.
Kristin Holsapple
Hearing a 90year old having to go back to work breaks my heart!

13 The Madoff Hustle – Part 4

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13 dec. 2010

Bernard Lawrence “Bernie” Madoff is an incarcerated American former stock broker, investment advisor, non-executive chairman of the NASDAQ stock market, and the admitted operator of what has been described as the largest Ponzi scheme in history.
 
In March 2009, Madoff pleaded guilty to 11 federal crimes and admitted to turning his wealth management business into a massive Ponzi scheme that defrauded thousands of investors of billions of dollars. Madoff said he began the Ponzi scheme in the early 1990s. However, federal investigators believe the fraud began as early as the 1980s, and that the investment operation may never have been legitimate.The amount missing from client accounts, including fabricated gains, was almost $65 billion. The court-appointed trustee estimated actual losses to investors of $18 billion. On June 29, 2009, he was sentenced to 150 years in prison, the maximum allowed.
 
V
I actually met his wife years ago as I was working for a retail company. I remember her because of the amount she spent in the store. Theres no way the family didn’t know & they all should be ashamed of themselves. You really have to be unapologetic to do this for decades.
anastasia2657
He knew he could get away with it because he had people in the SEC in league with him, and there were others, even more important people, involved.
Michael
Thank God for Bernie Madoff! : He makes me realize that I’m not that much of a jerk.
Tom Bentley
Thanks for uploading this. I found it really interesting and it’s the first time I’ve really understood (veguely!) what happened!
Buffalo Mind
Bernie Madoff, couldn’t have done every paper exchange on his own as stated by Bob McMahon. He was there at best 40% of the time, and at the end only showed up every few months while his family handled the “business” And what about the other employees on the top floors working endlessly on their computers? What on Earth were they doing, because they were not plucked out off the street without any knowledge of computers- less much the business they were supposedly assigned to do day in and day out for years on end. smh

14 Madoff Son Kills Self Two Years After Dad’s Arrest

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13 dec. 2010

Brian Ross and Diana Henriques on how the scandal effects the Madoff family.
 
Margaret Har
It is always sad when a young family man committs suicide, believing their family are better off without them when the opposite is true. People should not destroy a person related to someone who has committed a crime because this can be the result, a senseless death. I feel so sad for his family, it’s awful.
m0nkEz
Man, all these people acting like its somehow abnormal to get financial support from parents and accept that what they tell you is true.
deborah celimene
When I heard that I thought he felt guilty but watching back now it’s a real tragedy…
 
juliagulia
That so sad. I feel so bad for he’s daughter in law and the children. God bless
Jean Sooter
Whatever his father did is not his fault he had no idea I think that is so wrong this is such a sad story I feel sorry for the children the wife
Nancy Beveridge Taylor
When you choose the vicious abuser before your children, you are also a vicious criminal as well. I know this because I am a survivor of a vicious criminal who was protected by my mother, who viciously attacked me, and protected the grotesque abuser.
Barry Kevin
Thats who really paid the ultimate price for his fathers crime. May he rest in peace.
VioletBlue
I feel for the son. If it were me, I would have moved my family out of New York. I would have gone back to school. The wife could have gone back to school. They could have lived normal lives. So I don’t understand why he had to commit suicide. His father did the deed. Now his children have to grow up without a dad. Over what? Money? Sure they couldn’t have sustained their previous lives of luxury but they could have everyday lives like 95% of the rest of us. I feel worst for the people who lost their retirements and have to keep working until God only knows. That would be horrible.
 
Elle W
I’ll never choose my spouse over my kids.
Theresa Chung
For all those who says that the sons must have known. Yes, they had all the info to know. But the thing about Guam beings is this: we will do almost anything to deny the obvious when the truth hurts. I see this in myself when a husband cheats or the child becomes a drug addict. Our mind is such a wily one. It’s not my place to judge him. I hope he has found redemption.
willam Estrada
I’m barely making ends meet. I wish many nice things for my family. To own a small house would be nice. That being said I have NEVER cheated someone out of their money.
Jackster Jackster
Everybody is so sad for the Madoffs. But what about all the victims? That’s the sad part! What’s incredible is that Ruth got live and struggle by with only $2.5 million. Poor thing! She’s living well in Florida on stolen money!!

15 Ruth Madoff: Bernie should hear this interview

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31 okt. 2011

 
“60 Minutes” correspondent Morley Safer sat down with the wife of Bernie Madoff and his son. “The Early Show” has more from their revealing interview. Then, Erica Hill and Jeff Glor talk to Diana Henriques, a New York Times senior financial writer and author of a book about the Madoff scandal, “The Wizard of Lies.”
 
T Leigh
Saw the movie “Wizard of Lies” which was great, btw… the most poignant moment was when author asked Bernie what would have happened if he had died at some point before it all came crashing down… woudnt his sons have been convicted (for HIS crimes) since they were next in line at the firm… gave me chills just thinking about it. What he did to all those people and his own family…
AL Tre
If you want to feel sad for someone…feel sad for the families he scammed out of their life savings.
Shawn Mueller
You’re telling me nobody had any ethics training in the organization at all to be able to spot this? They should all be in jail because it’s no excuse for anything!

16 Madoff’s Little Black Book

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Fraudster’s inner circle tells of his diaries, noontime massage parlor visits.

The Madoff Affair (full documentary) | FRONTLINE

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16 apr 2021

On Dec. 11, 2008, Bernard L. Madoff confessed that his investment business was all “one big lie,” a Ponzi scheme that cost investors $65 billion. In this 2009 documentary, FRONTLINE explored how Madoff became the new poster child for Wall Street gall, greed and corruption.

Through exclusive television interviews with those closest to Madoff’s operation, veteran FRONTLINE correspondent Martin Smith and producer Marcela Gaviria unearthed the details of the world’s first global Ponzi scheme — a deception that lasted longer, reached wider and cut deeper than any other business scandal in history — in The Madoff Affair.

Funding for FRONTLINE is provided through the support of PBS viewers and by the Corporation for Public Broadcasting. Major funding for FRONTLINE is provided by the Ford Foundation. Additional funding is provided by the Abrams Foundation; the John D. and Catherine T. MacArthur Foundation; Park Foundation; and the FRONTLINE Journalism Fund with major support from Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Foundation, and additional support from Koo and Patricia Yuen.

17 Inside Story – The Madoff Scandal – Dec 17 – Part 1

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18 dec. 2008

Inside Story, with presenter Maryamme Nemazee, discusses the latest blow to the financial world and one of Wall Street’s biggest scandals.

18 Inside Story – The Madoff Scandal – Dec 17 – Part 2

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18 dec. 2008

Inside Story, with presenter Maryamme Nemazee, discusses the latest blow to the financial world and one of Wall Street’s biggest scandals.

19 Inside the Madoff Scandal: Chapter One

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27 dec. 2011

How did one of the largest financial scandals of our time go on for so long without being detected? WSJ reporters offer insight into Bernard Madoff’s alleged Ponzi scheme.
 
Sun Dancer
People close to him thought there was something weird….but everyone wanted to believe. They just didn’t think he would manipulate the situation that much.
Pedro Portillo
“There was a status element by investing with Bernie Madoff.” That quote right there tells you everything.
Soldras
Based on my banking experience, the victims would never have rubbed shoulders with traders. And the trade sizes (e.g., 10k here, 20k there), are minute given the liquidity of the blue chip securities, particularly debt instruments such as Treasuries. But, you raise a good point — why weren’t more people suspicious? I think it was the “lowish” return level…if he was posting very high returns (e.g., 75% y-o-y) many more people would have looked into to copy his so-called strategy.

20 Inside the Madoff Scandal: Chapter Two

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27 dec. 2011

How did Bernard Madoff organize his business and what will happen next as authorities unwind a complex money trail tied to his alleged fraud.
 
Bon Scott
He didn’t update his office on 17 because it might have invited suspicion. He sent updates to clients on old paper with securities he never invested in for them. He never invested a penny.
Kubos Sushi
I know that I am going to encourage negative comments to this post, but it’s worth it. Madoff’s scandle taught me one thing – All the PhDs, all the brilliant financial minds, all of the big business deals, all the billions swapping hands….and nobody knows really how things work or ‘who’ is doing ‘what.’ To the financial world – take your college degrees and annual fundraising galas and flush them down the toilet. Your years studying money/finance are worthless. Madoff proved it.
Fred Bouwman
I haven’t learned a single thing about what Madoff did by watching this report. Very weak reporting.
detroitmetro101
people who invested with madoff trusted him, they weren’t greedy…yeah right. they invested with him because he promised 12% returns annually, that is greed.

21 Bernie Madoff 10 Years Later: Ep. 1 | Madoff Behind Bars

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10 dec. 2018

A three part original podcast series. It’s one of the greatest lies ever sold, a $65 billion fraud. For the past decade, Bernie Madoff — locked away from the world as he serves a 150-year prison sentence — has been the face of greed.
 
That’s not the end of the story. CNBC special correspondent Scott Cohn and American Greed executive producer Chuck Schaeffer go “behind bars” to uncover the Madoff of today, from the lawyers and investigators to the victims. Our first episode goes inside the mind of the world’s most notorious con man. Who is the Madoff of today? What makes him tick?
 
About American Greed: Scams, sex, and even murder all in the name of a perverted American dream. Enter a world where crime pays until you get caught. CNBC’s unprecedented original true-crime series, “American Greed”, takes you inside the amazing real-life stories of how some people will do anything for money. Narrated by award-winning stage, screen, and television actor Stacy Keach.
 
 
carpe diem
Someone, back then said, “I knew Bernie was a crook. That’s why I invested with him.” It wasn’t that hard to see that no portfolio in history had never had a down year. It was right in front of them. People work hard for their money and don’t give much thought when they invest. Happens all the time.
Victoria Prieto
I love watching the tv show American Greed!! It alerts me of any scam. Thank you guys. Continue with your great job!
Ross
This series looks so interesting, congratulations guys. My word about the aura or appeal of Madoff: I think he had the appeal of quietness, he looks grounded and confident even when things were uncovered. That confidence together with his trajectory inspired trust in big investors, nothing on him looked fishy or dishonest. People were drawn to think that they were lucky to invest in his firm because Madoff was not pushy at all.
Mark Whitethorn
The financial sector urgently needs to be regulated back again. The rules which had been established after the 1929 crash and then removed by Reagan and Clinton has to be put in place again. The States stop guaranteeing savings, pensions funds, insurances long time ago. Basically between the 80s and the 90s the financial subjects have been allowed to gamble using the common people money. Unfortunately people, though the many scandals, seem to be anaesthetised. Occupy Wall Street should have been a massive protest and not left to just few dozens brave volunteers.

22 Bernie Madoff 10 Years Later: Ep. 2 | The Next Madoff

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13 dec. 2018

Part two of CNBC’s three part original podcast series. It’s one of the greatest lies ever sold, a $65 billion fraud. For the past decade, Bernie Madoff — locked away from the world as he serves a 150-year prison sentence — has been the face of greed.
 
That’s not the end of the story. CNBC special correspondent Scott Cohn and American Greed executive producer Chuck Schaeffer go “behind bars” to uncover the Madoff of today, from the lawyers and investigators to the victims. Our first episode goes inside the mind of the world’s most notorious con man. Who is the Madoff of today? What makes him tick?
 
About American Greed: Scams, sex, and even murder all in the name of a perverted American dream. Enter a world where crime pays until you get caught. CNBC’s unprecedented original true-crime series, “American Greed”, takes you inside the amazing real-life stories of how some people will do anything for money. Narrated by award-winning stage, screen, and television actor Stacy Keach.
 
Granny G
Amazing what’s out there waiting for us now with all this technology. The first time I saw someone copy and paste a document and then make a copy of the adjustment I knew that all kinds of fraud was going on in the banking industry.
 
Sean Webb
I like this format and the production values. Very cool.
RM Finance
So technically the SEC should be sued and held liable as well.

23 Bernie Madoff 10 Years Later: Ep. 3 | Hunting Bernie’s Billions

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17 dec. 2018

Part three of CNBC’s three part original podcast series. It’s one of the greatest lies ever sold, a $65 billion fraud. For the past decade, Bernie Madoff — locked away from the world as he serves a 150-year prison sentence — has been the face of greed. 
 
That’s not the end of the story. CNBC special correspondent Scott Cohn and American Greed executive producer Chuck Schaeffer go “behind bars” to uncover the Madoff of today, from the lawyers and investigators to the victims. In our final episode: hunting Bernie’s billions. With his victim’s lives shattered, coping with the financial loss, trauma, and tragedy and the 10 year effort to make them whole.
 
About American Greed: Scams, sex, and even murder all in the name of a perverted American dream. Enter a world where crime pays until you get caught. CNBC’s unprecedented original true-crime series, “American Greed”, takes you inside the amazing real-life stories of how some people will do anything for money. Narrated by award-winning stage, screen, and television actor Stacy Keach.
 
 

24 Ruth Madoff’s Life Today Is Pretty Sad

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25 The red flags in the Bernard Madoff Ponzi Scheme

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20 jun. 2017

The facts have become well known – Bernard Madoff, through his company BLMIS, conducted a Ponzi scheme previously unparalleled in scale, scope, and duration. Authorities estimate that Madoff defrauded his unsuspecting investors of approximately $65 billion. It’s the biggest financial fraud in US history – but were there any warning signs? 
 
Derek Bambury, Senior Partner and Head of Business and Professional Risk at Browne Jacobson, talks about some of the complex legal issues that came into sharp focus as the courts in many countries attempted to achieve a coordinated and consistent approach in unravelling the consequences of a business collapse. 
 
The particular facts of the Madoff story may not be repeated again exactly, but there are some lessons that can be learnt that will give hedge funds, financial institutions and their insurers the best chance of avoiding being caught up in any repetition. 
 
BLMIS entered bankruptcy in 2008 and Irving H Picard was appointed Trustee in bankruptcy. The Trustee’s US counsel are BakerHostetler LLP and Browne Jacobson LLP are acting as lead foreign counsel.
 
charles stuart
A quick call to the DTC would have brought Madoff’s scheme down. Using lawyers that had no training in securities as regulators was beyond stupid.
Judy Evancic
It happened because when the SEC was told they didn’t listen deeply enough to stop him and protect these investors. But Greed on both sides messed up their financial lives. Rich people are never satisfied with their worth and nobody was getting 10% interest on any investments at that time. Madoff made himself an exclusive stockbroker and these people had to have plenty money to get in..
 
Mrbarbel Barbello
Who are the ‘accomplices’ you mention at 1.12? I only ask because I have watched several documentaries which cannot prove ‘accomplices’ exist and claim Bernard Madoff is now regarded in prison as a ‘Stand up Guy’ because he hasn’t revealed any. I expect most of his victims thought him ‘stand up’ too. Great video. You are clearly ‘stand up guys’.

26 Exposing Madoff’s ponzi scheme

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23 aug. 2011

 
Harry Marcopolos claims to have discovered Bernie Madoff’s ponzi scheme before anyone else. Rebecca Jarvis profiles Marcopolos and his nearly decade-long attempt to expose the fraud to the SEC.
 
Barbara Silver
Markopolos seems like an ethical individual. Unfortunately, it seems as though a lot of those in finance may be trustworthy. Perhaps one may consider not handing over his or her life savings with one financial manager. Even if he or she is licensed, their moral compass is what matters.
stephen Bloch
It is time that the SEC be totally reorganized! Ultimately congress failed in its duty to the American public! I have lost confidence that congress and other legislative bodies are doing their public duty!
D. E. Kirkbride
Harry Markopolis… modern Greek hero.
No Troll
I agree that Markopolos was right and the SEC a hopeless bunch. But what was that hearing supposed to be good for? Sure, Markopolos had every right to call them a hopeless bunch – although that was less a factual testimony than a lot of opinion and recommendations. The way this Ackerman bloke yelled at the SEC worms didn’t help finding out the truth – you don’t detect or evaluate a crime by yelling insults at the perps. This was merely a PR exercise to present himself as a fearless fighter and to make himself look good.
Margy Rowland
Somehow you’re chosen for wonderful investment returns? No, you’re being greedy and sins like that get punished one way or another. Love from Australia 🇦🇺
Hope Street
This is called a Limited Hangout: Accepting blame for one transgression in order to cover up a larger one. In this case, the Securities and Exchange Commission accepts blame for ineptitude and resolves to do better in the future by setting up a so-called “whistle-blower” program. The real transgression is not ineptitude by the SEC, but the fact that the SEC ALLOWED Bernie Madoff to operate even when they KNEW he was operating illegally. This is the real crime. Not ineptitude.

27 Prof. Rick Antle: Where Did Madoff’s Money Go?

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28 okt. 2015

Where Did Madoff’s Money Go?
 
full story: http://insights.som.yale.edu/insights…
 
One of the hallmarks of a Ponzi scheme is that most of the missing money ends up in the hands of unwitting investors, not the perpetrator of the fraud. Rick Antle, a professor of accounting at Yale SOM who is helping in the Bernie Madoff restitution effort, discusses the complexities of cleaning up Madoff’s mess.

28 How do Bernie Madoff’s fraud victims cope five years later?

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12 dec. 2013

Recovering the losses from Bernie Madoff’s enormous Ponzi scheme has been slow over the past five years. For more on the where Madoff’s fraud victims are today, Judy Woodruff talks to Diana Henriques of The New York Times, who says his victims are still “living a nightmare.”

29 The Man Who Knew

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1 mrt. 2009

Harry Markopolos blew the whistle to the Securities and Exchange Commission about Bernard Madoff as early as 2000. Why were his warnings ignored? Steve Kroft has the interview.
 
Edwin Lindley
Harry Markopolos is a true hero. He found the truth and tried to tell everyone. And nobody would listen. They looked the other way. Now people listen to him.
quicksite
Amazing piece. Unbelievable how Markopolis lays bare the incompetence of SEC, as well as its practices to only investigate after a major figure turns self in.
kyennerell
His book, “No One Would Listen” is well worth a read. This book goes farther to answer the questions of how and why Madoff did it than anything else I’ve found so far. Has anyone else noticed Harry bears a strong resemblance to Bob Odenkirk of Better Call Saul?
Brighton Babe
I bought the book and it’s excellent. He tried for 10 years to get people to listen to him including the SEC.
ruzzell907
“It took me five minutes to know it was a fraud. It took me another almost four hours of mathematical modelling to prove that it was a fraud.” I spilled my tea.
RaisedontheRadio
One of the best “60 Minutes” segments ever! And there’s been a lot of great ones!

30 It’s a Steal: A Madoff Home Goes Up for Sale | The New York Times

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28 mei 2013

A tour of the former home of Peter B. Madoff, brother and co-conspirator of Bernard L. Madoff. Both men are in jail for a Ponzi scheme, and the home has been seized and is being sold to repay victims.
 
Read the story here: http://nyti.ms/15fFLjg
 
 
Elephants Fly
My father once told me he wondered how people get so rich. He’s worked hard his entire life, and finally concluded that most people who earn as much as this (Madoff money, for example) only get there because they lie, cheat, and steal.
Corazon De Melon
I agree that it needs some cleaning but other than that it’s antiquated beauty and elegance defiantly make this house a one of a kind!
J. Montrice
Agree 100% with the Real Estate Agent. Ignorance is bliss.
L L
I have to admit its a nice looking place!
Linda Burton
It wasn’t Madoff money; it was everybody else’s money (with no return to the contributors). Glad he’s gone.

31 Bernie Madoff’s ‘scam of the century’: Ten years later

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10 dec. 2018

CNBC’s Scott Cohn reports on the lessons learned 10 years after Bernie Madoff’s massive Ponzi scheme.
 
Walter Wilkins
Flash forward to November, 2020 and the bet is on. Given the Trumpian position that God anoints the worthy with wealth, will he pardon Bernie Madoff? In God’s name, of course.
Francis Mausley
The dark side of greed hurts many “There is a tremendous darkness in the world today, the darkness caused by mankind’s going against the Laws of God and giving way to the animal side of human nature.” ~ Shoghi Effendi, Baha’i Faith
Luis Sanchez
People did’nt realize he had the right name to get riped off.
Francis Mausley
Every thing needs trust. Baha’u’llah, Prophet-Founder of the Baha’i Revelation, tells of when He “gazed on one of the Beauties of the Most Sublime Paradise, standing on a pillar of light…” who cried aloud “By God, the True One! I am Trustworthiness and the revelation thereof, and the beauty thereof.” “I am the supreme instrument for the prosperity of the world, and the horizon of assurance unto all beings.” The Beauty asserted that She was “the foundation of every human endeavor.”

32 Too Good to be True- The Rise and Fall of Bernie Madoff And His Ponzi Scheme, Part 1

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10 dec. 2009


http://mslaw.edu

What were the Madoff family secrets? How did Madoff perpetrate the Ponzi scheme of our time? Erin Arvedlund tells the story of Madoff’s infamous billion dollar Ponzi scheme with the knowledge and detail of an insider, and sheds new light on the greatest financial enigma of American History.

In this episode of The Massachusetts School of Law’s Books of our Time, Dean Velvel, himself a Madoff victim, and Arvedlund discuss the history of the brokerage industry, the possible culpability of the entire Madoff family and Madoff family secrets, the difference between Madoff’s legitimate brokerage firm and his illegitimate hedge fund and the steps that lead up to the largest Ponzi scheme in American History. Arvedlund tells the story of Madoff’s infamous billion dollar Ponzi scheme with the knowledge and detail of an insider, and sheds new light on the greatest financial enigma of American History.

Erin Arvedlund first wrote about Bernie Madoff for Barrons in 2001 and published her book, Too Good to be True- The Rise and Fall of Bernie Madoff in August of 2009.


The Massachusetts School of Law also presents information on important current affairs to the general public in television and radio broadcasts, an intellectual journal, conferences, author appearances, blogs and books.


THE MASSACHUSETTS SCHOOL OF LAW IS NEW ENGLAND’S MOST AFFORDABLE AND DIVERSE LAW SCHOOL. We are dedicated to growing tomorrow’s leaders; empowering them with professional skills taught by instructors with real world experience, in a fun supportive campus environment.

33 Too Good to be True- The Rise and Fall of Bernie Madoff and his Ponzi Scheme – part 2

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11 dec. 2009

http://www.mslaw.edu 

The strange death of Jeffrey Picower, why JP Morgan Chase pulled their funds from Madoff and stories of the SEC and SIPC.

In this second hour of Dean Velvel’s interview with Author Erin Arvedlund about her book, Too Good to be True, The Rise and Fall of Bernie Madoff, Arvedlund and Velvel discuss the details of how a mutual fund works, the derivation of madoff invented “payment for order flow” – now a standard Wall Street Practice – the unusual story of Madoff investor, Jeffrey Picower who died under mysterious circumstances, the implications of the Madoff fraud for all American investors, why JP Morgan Chase withdrew their money from Madoff shortly before Madoff’s confession and how the repeal of Glass-Steagall set the stages for the Madoff fraud.

The Massachusetts School of Law also presents information on important current affairs to the general public in television and radio broadcasts, an intellectual journal, conferences, author appearances, blogs and books.

THE MASSACHUSETTS SCHOOL OF LAW IS NEW ENGLAND’S MOST AFFORDABLE AND DIVERSE LAW SCHOOL. We are dedicated to growing tomorrow’s leaders; empowering them with professional skills taught by instructors with real world experience, in a fun supportive campus environment.

34 DP/30: Chasing Madoff, subject Harry Markopolos (pt 1of 2)

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1 aug. 2011

Shot in Los Angeles, July 2011
 
Catherine Albrecht
I appreciate Harry’s integrity. Wow, what a decent human being. Harry is the person we all wish was our brother, uncle or cousin. Also, this interviewer is splendid. So smart, insightful and respectful of Harry. Thanks for sharing. 🅰️➕➕➕
Christopher Gargaro
I freaking love this guy. Straight no nonsense talk and simple solutions. When he testified before Congress, he was the smartest guy in the room by a hundred miles.
Ian Billen
What a down to earth gent eh. He was a small to moderate Investigator… who had the stones to go up against some of the biggest money making organizations in the world… all in his apartment.. unguarded… and he is living and well .. getting to tell us all about it. There are hero’s that are not often recognized … this guy is one of em –

35 DP/30: Chasing Madoff, subject Harry Markopolos (pt 2 of 2)

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2 aug. 2011

Shot in Los Angeles, July 2011
 
MJTech
This shows us how “well spoken professionals”, can use their intelligence to commit such crimes. Luckily we have heroes like this guy that cares, although he’s also doing it for the big FAT paycheck. I am more than confident that even today we have people similar to Madoff working at the White House and running our banks. The worst part is that it’s almost impossible to stop it, and the hard working people suffer from this on a daily basis.
E R
I love this guy Harry Markopolos! I’m left in awe with this interview! We need more guys like this in the world!!
IT3210
That guy deserves a medal. I don’t know how we can pay that man enough for doing what he does.

36 Markopolos: I gift wrapped and delivered the largest Ponzi scheme in history to the SEC

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4 feb. 2009

This morning, the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises is holding a hearing to assess the alleged $50 billion investment fraud engineered by Mr. Bernard L. Madoff. This is the second in a series of hearings that will help to guide the work of the Financial Services Committee and the Capital Markets Subcommittee in the 111th Congress in undertaking the most substantial rewrite of the laws governing the U.S. financial markets since the Great Depression. 
 
Harry Markopolos, an independent financial fraud investigator for institutional investors and others seeking forensic accounting expertise, as well as a Chartered Financial Analyst and Certified Fraud Examiner, testifies.
 
 
jvlaw
Harry was my classmate at Cathedral Prep in Erie, PA. He was a smart guy who wasn’t afraid to challenge teachers if he thought a test question was improperly posed or just plain wrong. When you aim at a big target, it’s often hard to get help; or even appreciation.
Spock vs Khan
Harry Markopolos should have been Time Magazine’s “Man Of the Year.”Of course, the power moguls out in the media did not want too much fan fare. He not only exposed the inept SEC, but another sociopath in the world of money and greed. His approach was logically flawless and complete.
3chel3
Harry Markopolos is a good man. This world needs people just like him.

37 Man behind the world’s biggest financial scam dies serving 150 year prison sentence

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15 apr. 2021


Fraudster Bernie Madoff – who was sentenced to 150 years behind bars in 2009 over Wall Street’s largest fraud – has died in prison aged 82.

In 2009 Madoff pleaded guilty to what is likely the largest financial scam in history which he carried out by using new investor’s money to pay back old investors.

Madoff’s victims ranged from celebrities such as Kevin Bacon, Kyra Sedgwick, and talk show host Larry King, to international banks, companies, charities and thousands of individual investors.

His lies began to unravel in 2008 when the financial crisis triggered investors to make withdrawals from his fund and he was unable to find new investors to pay off the old ones.

A quarter of the stolen money from the estimated $83 billion Ponzi scheme has not been returned to investors.

 

Gort Newton
People ‘fall asleep’ then awake like in an instant and find themselves in a very long queue – to meet their maker. It is for all of us to join that queue, one day.
mark sleeger
I thought you were talking about government leaders around the world . Madoff is a small sacrificial fish in this massive sea of corruption.
Kresho Krešimir
> ” world’s biggest financial scam “ The biggest financial scam is still in operation.
ssj2camaro21
This proves the justice system cares more about money (when it comes to sentencing) than actual human life.

38 Disgraced investor Bernie Madoff dies in prison at age 82


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15 apr. 2021

CNBC’s Scott Cohn reports on the death of Bernie Madoff and the crimes that brought disgrace to Madoff and his family. Madoff died today while serving his 150 year prison sentence
 
The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories.

39 There were no winners in the Bernie Madoff case… investors should seek transparancy: Attorney

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15 apr. 2021

 
Yahoo Finance’s Adam Shapiro spoke with Former Madoff Lawyer Ira Lee ‘Ike’ Sorkin to discuss the Bernie Madoff case.
 
89879237 4583475623
I wonder what the average net worth of his clients was. People who rip off poor people never go to prison.
Double_O_Shoe
What the Government should have done is when Madoff was under its care and custody while he’s in prison and the government should have continued to pay his life insurances if allowed in this special and extraordinary case until he dies and the proceeds go to the victims or victims’ trust funds. The problem is who would insure him knowing he is notorious and made enemies?

40 Bernie Madoff Prison Interview With Barbara Walters

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28 okt 2011

Con man convicted of Ponzi scheme breaks his silence.

41 Bernie Madoff – His Life And Crimes (CNBC Documentaries – Part 1)

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14 apr 2021

Watch the full documentary on CNBC tonight at 8p ET or on CNBC.com with your cable provider: https://cnb.cx/3tlnPVB. Watch part two on @ CNBC Prime:

• Bernie Madoff: His Life And Crimes (C…

At the height of the Great Recession, Bernie Madoff confessed to running the biggest Ponzi scheme in history – a $65 billion fraud that left thousands of victims financially shattered. Madoff’s crimes went undetected for years, raising doubts about the government’s ability to protect investors. Andrew Ross Sorkin looks back at how Madoff made it to the pinnacle of the financial world, the unraveling of his scheme, and the fallout for his victims, Wall Street institutions and his family.

42 Bernie Madoff: His Life And Crimes (CNBC Documentaries – Part 2) | CNBC Prime

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14 apr 2021

At the height of the Great Recession, Bernie Madoff confessed to running the biggest Ponzi scheme in history – a $65 billion fraud that left thousands of victims financially shattered. Madoff’s crimes went undetected for years, raising doubts about the government’s ability to protect investors. Andrew Ross Sorkin looks back at how Madoff made it to the pinnacle of the financial world, the unraveling of his scheme, and the fallout for his victims, Wall Street institutions, and his family. Watch the full documentary TONIGHT at 8P ET on CNBC!

43 Impossible Ladder Prank Just For Laughs Gags

23 aug 2013

Prank victims are asked to hold a ladder while a man climbs it to wash the top of his RV. A police officer comes by and insists he has to move because he’s in a no parking zone. The zealous cop gets so angry and frustrated that he hops into the trailer himself and drives off, leaving the man hanging on for dear life on the ladder. The prank victims panic, but strangely enough, it seems that this ladder is magic – it defies gravity and doesn’t fall even though it isn’t leaning on anything. 
 
A presentation of JustForLaughsTV, the official Just For Laughs Gags YouTube channel. Home of the funniest, greatest, most amazing, most hilarious, win filled, comedy galore, hidden camera pranks in the world!
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Police ‘institutionally corrupt’

The Mind of a Con Man

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